1. The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the inventory dollar amount on July 1.

a.$890

b.$860

c.$1,500

d.$850

e.$880

0.22 points

QUESTION 2

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the dollar amount of purchases made in July.

a.$850

b.$6,140

c.$6,990

d.$10,500

e.$12,000

0.22 points

QUESTION 3

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the cost of goods available for sale during July.

a.$2,047

b.$850

c.$6,140

d.$1,981

e.$6,990

0.22 points

QUESTION 4

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the cost of goods sold during July.

a.$5,009

b.$8,550

c.$4,943

d.$6,990

e.$6,140

0.22 points

QUESTION 5

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the inventory dollar amount on July 31.

a.$1,981

b.$3,450

c.$1,955

d.$2,047

e.$1,978

0.22 points

QUESTION 6

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the sales dollar amount for July.

a.$850

b.$8,550

c.$6,990

d.$6,140

e.$4,943

0.22 points

QUESTION 7

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the gross profit for July.

a.$6,990

b.$4,943

c.$8,550

d.$3,607

e.$13,493

0.22 points

QUESTION 8

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the income before taxes for July.

a.$2,700

b.$6,307

c.$3,607

d.$4,943

e.$907

0.22 points

QUESTION 9

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July,Verne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the income taxes expense for July.

a.$8,550.00

b.$907.00

c.$317.45

d.$589.55

e.$3,607.00

0.22 points

QUESTION 10

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the FIFO inventory method, determine the net income for July.

a.$317.45

b.$589.55

c.$907.00

d.$8,550.00

e.$3,607.00

0.22 points

QUESTION 11

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the inventory dollar amount on July 1.

a.$850

b.$880

c.$890

d.$860

e.$1,500

0.22 points

QUESTION 12

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the dollar amount of purchases made in July.

a.$12,000

b.$850

c.$6,140

d.$6,990

e.$10,500

0.22 points

QUESTION 13

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the cost of goods available for sale during July.

a.$1,981

b.$850

c.$6,140

d.$2,047

e.$6,990

0.22 points

QUESTION 14

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the cost of goods sold during July.

a.$4,943

b.$6,990

c.$6,140

d.$5,009

e.$8,550

0.22 points

QUESTION 15

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the inventory dollar amount on July 31.

a.$2,047

b.$3,450

c.$1,981

d.$1,955

e.$1,978

0.22 points

QUESTION 16

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the sales dollar amount for July.

a.$850

b.$8,550

c.$6,990

d.$6,140

e.$5,009

0.22 points

QUESTION 17

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the gross profit for July.

a.$6,990

b.$5,009

c.$8,550

d.$3,541

e.$13,559

0.22 points

QUESTION 18

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the income before taxes for July.

a.$3,541

b.$5,009

c.$841

d.$2,700

e.$6,241

0.22 points

QUESTION 19

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the income taxes expense for July.

a.$841.00

b.$294.35

c.$546.65

d.$3,541.00

e.$8,550.00

0.22 points

QUESTION 20

1. TheVerne Corporationbegan July operations with merchandise inventory of 10 units, each of which cost $85. During July,Verne Corporationmade the following purchases: (1) July 5, 25 units @ $86 per unit, (2) July 16, 15 units @ $88 per unit, (3) July 27, 30 units @ $89 per unit. During July, theVerne Corporationsold the following units at a sales price of $150 per unit: July 7, 18 units, July 21, 10 units, July 28, 29 units. Operating expenses in July were $2,700. TheVerne Corporationestimates its income taxes expense will be approximately 35% of income before taxes.

Using the LIFO perpetual inventory method, determine the net income for July.

a.$841.00

b.$8,550.00

c.$3,541.00

d.$294.35

e.$546.65

0.22 points

QUESTION 21

1. TheVerne Corporation's September income statements using the FIFO and LIFO perpetual cost flow assumptions would appear as follows. How much more cash would theVerne Corporationhave available on September 30 if it uses LIFO perpetual instead of FIFO?
2. Verne Corporation
3. Income Statements
4. For the Month Ended September 30
8. FIFO
9. LIFO
10. Perpetual
11. Sales
12. $10,000
13. $10,000
14. Cost of Goods Sold
15. $6,200
16. $6,800
17. Gross Profit
18. $3,800
19. $3,200
20. Operating Expenses
21. $2,800
22. $2,800
23. Income Before Taxes
24. $1,000
25. $400
26. Income Taxes Expense
27. $350
28. $140
29. Net Income
30. $650
31. $260

a.- $390

b.$390

c.$210

d.$600

e.$0