The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20x0:...
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The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20x0: Beginning Inventory: $190 units @ $120 The following transactions occurred in 20x0: January 30th Purchase (cash): 230 units @ $124 March 12th Purchase (cash): 180 units @$128 Total 9 Sales D Beginning Inventory 30-Jan parchme 12-Mar purchase Per 190 $ 230 it cost Total Co 120.00 $ 124.00 $5 22.800.00 28.520.00 180 5 125.00 $ 23,040.00 Unit 350 S Per Unit Price Total Sales 320.00 $ 112.000.00 June 3rd Sale (cash): 350 units @$320 12 Ending Inventory (la Units) Paid $24,000 of operating expenses. 14 15 40% Paid cash for income tax at the rate of 40 percent of income before tax. 2 FIFO 4 S 6 Ending Inventory D E F Units Permit cost Total Cost 9 10 Goods Available for Sale 11 Deduct ending laventory 12 Cost of Goods Sold 14 Sales 15 Cost of Goods Sold 16 Gross Profit 17 Operating Expense 2 A C D F 1 2 LIFO Units Permit cost Total Cost 4 Total Cost 5 $24,000.00 18 Operating Income before tax 19 Income Tax 20 Net Income 21 22 Tax Rate 3 B 1 Weighted Average 2 c D 6 Ending Inventory 8 9 10 Goods Available for Sale 11 Dedect ending laventory 12 Cost of Goods Sold 13 14 Sales 15 Cost of Goods Sold 16 Gross Profit 17 Operating Expense 18 Operating Income before tax 19 Income Tax 20 Net Income 21 22 Tax Rate F Units Average Cost Total Cost 4 Ending Inventory 8 Goods Available for Sale 9 Deduct ending Inventory 10 Cost of Goods Sold 11 12 Sales 13 Cost of Goods Sold 14 Gross Profit 15 Operating Expeme Total Cost $24,000.00 A B D E 2 Summary Total Cost 3 $24,000.00 16 Operating Income before tax 17 Income Tax 18 Net Income 19 20 Tax Rate 4 Sales (5) 5 Cost of Goods Sold (5) 6 Gross Profit (5) 7 Net Income (5) FIFO LIFO Weighted Average The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20x0: Beginning Inventory: $190 units @ $120 The following transactions occurred in 20x0: January 30th Purchase (cash): 230 units @ $124 March 12th Purchase (cash): 180 units @$128 Total 9 Sales D Beginning Inventory 30-Jan parchme 12-Mar purchase Per 190 $ 230 it cost Total Co 120.00 $ 124.00 $5 22.800.00 28.520.00 180 5 125.00 $ 23,040.00 Unit 350 S Per Unit Price Total Sales 320.00 $ 112.000.00 June 3rd Sale (cash): 350 units @$320 12 Ending Inventory (la Units) Paid $24,000 of operating expenses. 14 15 40% Paid cash for income tax at the rate of 40 percent of income before tax. 2 FIFO 4 S 6 Ending Inventory D E F Units Permit cost Total Cost 9 10 Goods Available for Sale 11 Deduct ending laventory 12 Cost of Goods Sold 14 Sales 15 Cost of Goods Sold 16 Gross Profit 17 Operating Expense 2 A C D F 1 2 LIFO Units Permit cost Total Cost 4 Total Cost 5 $24,000.00 18 Operating Income before tax 19 Income Tax 20 Net Income 21 22 Tax Rate 3 B 1 Weighted Average 2 c D 6 Ending Inventory 8 9 10 Goods Available for Sale 11 Dedect ending laventory 12 Cost of Goods Sold 13 14 Sales 15 Cost of Goods Sold 16 Gross Profit 17 Operating Expense 18 Operating Income before tax 19 Income Tax 20 Net Income 21 22 Tax Rate F Units Average Cost Total Cost 4 Ending Inventory 8 Goods Available for Sale 9 Deduct ending Inventory 10 Cost of Goods Sold 11 12 Sales 13 Cost of Goods Sold 14 Gross Profit 15 Operating Expeme Total Cost $24,000.00 A B D E 2 Summary Total Cost 3 $24,000.00 16 Operating Income before tax 17 Income Tax 18 Net Income 19 20 Tax Rate 4 Sales (5) 5 Cost of Goods Sold (5) 6 Gross Profit (5) 7 Net Income (5) FIFO LIFO Weighted Average
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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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