The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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 Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85 During July, Verne Corporation made 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, the Verne Corporation sold 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 The Verne Corporation estimates 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 The Verne Corporation 's September income statements using the FIFO and LIFO perpetual cost flow assumptions would appear as follows How much more cash would the Verne Corporation have available on September 30 if it uses LIFO perpetual instead of FIFO Verne Corporation Income Statements For the Month Ended September 30 FIFO LIFO Perpetual Sales $10,000 $10,000 Cost of Goods Sold $6,200 $6,800 Gross Profit $3,800 $3,200 Operating Expenses $2,800 $2,800 Income Before Taxes $1,000 $400 Income Taxes Expense $350 $140 Net Income $650 $260 a $390 b $390 c $210 d $600 e $0

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The Verne Corporation began July operations with merchandise inventory of 10 units, each of which cost $85. During July, Verne Corporation made the following purchases:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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?
Verne Corporation
Income Statements
For the Month Ended September 30
FIFO
LIFO
Perpetual
Sales
$10,000
$10,000
Cost of Goods Sold
$6,200
$6,800
Gross Profit
$3,800
$3,200
Operating Expenses
$2,800
$2,800
Income Before Taxes
$1,000
$400
Income Taxes Expense
$350
$140
Net Income
$650
$260
a.- $390
b.$390
c.$210
d.$600
e.$0