FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vaughn Manufacturing had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 110 $46 Mar. 14, 2022 Purchase 190 $48 May

Vaughn Manufacturing had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 110 $46 Mar. 14, 2022 Purchase 190 $48 May 1, 2022 Purchase 135 $50 The company sold 312 units at $64 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1836, what is the companys after-tax income using LIFO?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Audit

Public Sector Audit

Authors: Carolyn J. Cordery, David C. Hay

1st Edition

0367650622, 9780367650629

More Books

Students also viewed these Accounting questions

Question

★★★★★
In a performance test, each of two cars takes 9.0 s to accelerate from rest to 27 m/s. Car A has a mass of 1400 kg, and car B has a mass of 1900 kg. Find the net average force that acts on each car...

Answered: 1 week ago

Question

★★★★★
A firm reported $818 million of net income in its income statement after $140 million of net interest expenses and income taxes, using a statutory tax rate of 35 percent.

Answered: 1 week ago

Question

★★★★★
At a car production line in a factory, each engine produced is tested to examine whether it is ready for use or has some fault. If two consecutive engines that are examined are found faulty, the...

Answered: 1 week ago

Question

★★★★★
T. Hilliary, Inc., uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products,...

Answered: 1 week ago

Question

★★★★★
On January 1 , 2 0 2 5 , Crane Corporation granted 2 , 1 0 0 shares of restricted $ 5 par value common stock to executives. The market price ( fair value ) of the stock is $ 6 7 per share on the date...

Answered: 1 week ago

Question

★★★★★
Frane wongham UUTTOIRS gue years 1. Sale of orce equipment on March 15 that cost $45,200 when purchased on July 1, 2018. Frank has claimed 59,040 in depreciation and sells the asset for $40,680 costs...

Answered: 1 week ago

Question

★★★★★
Coburn (beginning capital, $57,000) and Webb (beginning capital $93,000) are partners. During 2022, the partnership earned net income of $65,000, and Coburn made drawings of $19,000 while Webb made...

Answered: 1 week ago

Question

★★★★★
Your company has an Azure subscription. You plan to create a virtual machine scale set named VMSS1 that has the following settings: Resource group name: RG1 Region: West US Orchestration mode:...

Answered: 1 week ago

Question

★★★★★
Lila invested $10,000 in one of Long Life Insurance Company's annuity contracts. When issued, the contract was paying a 5 percent rate of return. Two years later, Long Life increased this rate to 7...

Answered: 1 week ago

Question

★★★★★
Write a brief summary or outline of the three (3) most important mathematical concepts worked on during the week and post it on this forum. Remember to include the topic of the line graph and how it...

Answered: 1 week ago

Question

★★★★★
# 3 [36.33] A cracked beam is similar in geometry to that of Problem #1 except that the vertical location of the crack is arbitrary at position y from the centerline. The applied load is uniformly...

Answered: 1 week ago

Question

★★★★★
consider your role and influences as a researcher;

Answered: 1 week ago

Question

★★★★★
identify the different components of an effective research project and the skills needed;

Answered: 1 week ago

Question

★★★★★
1. Could this accident have been prevented? If yes, how? If no, why not? Ramona McKenzie is on her way to work on a cloudy Monday morning when she gets the call on her cell phone that no human...

Answered: 1 week ago

Previous Question Next Question