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olga nikolaevna [1]
3 years ago
13

Based on the following information: Assume that Forrest Company uses the LIFO accounting method. In year X1, Forrest reported th

e following information:
Units Unit Cost Total Cost
Beginning Inventory (1/1/X1) 1,000 10 10,000
Purchases (year X1) 2,000 11 22,000
Year X1 Sales 1,500
Ending Inventory (12/31/X1) 1,500
Based on the above information, Forrest Company will report which of the following amounts for its LIFO Inventory on 12/31/X1?
a. $15,500
b. $16,000
c. $16,500
d. none of the above.
Business
1 answer:
Andru [333]3 years ago
8 0

Answer:

a. $15,500

Explanation:

Based on LIFO, cost of 1500 unit sold will be entirely from the Purchases (year X1). Therefore, we have:

Value of units purchases (year X1) outstanding after sales = (2,000 - 1,500) * $11 = 500 * $11 = $5,500

Therefore, we have

LIFO Inventory on 12/31/X1 = Value of beginning Inventory (1/1/X1) + $5,500 = $10,000 + $5,500 = $15,500.

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The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2018, the end of the year, and its revenue a
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a. WILDERNESS TRAVEL SERVICE

Income Statement for the year ended April 30, 2018:

Fees earned                                    875,000

Miscellaneous expense 15,000

Rent expense                75,000

Supplies expense          12,000

Taxes expense              10,000

Utilities expense           38,000

Wages expense         525,000      675,000

Net Income                                   $200,000

Retained Earnings, May 1, 2017   $145,000

b. WILDERNESS TRAVEL SERVICE

Retained Earnings Statement for the year ended April 30, 2018:

Retained Earnings, May 1, 2017     $145,000

Dividends                                          (40,000)

Retained Earnings, May 1, 2018   $305,000

c. WILDERNESS TRAVEL SERVICE

Balance Sheet for the year ended April 30, 2018:

Assets:

Cash                                           $146,000

Accounts receivable                    210,000

Supplies                                           9,000

Total assets                               $365,000

Liabilities + Equity:

Accounts payable                       $25,000

Common stock             35,000

Retained Earnings     305,000  340,000

Total Liabilities + Equity           $365,000

Explanation:

a) Data:

Accounts payable                         $25,000

Accounts receivable    210,000

Cash                             146,000

Common stock                               35,000

Fees earned                                 875,000

Miscellaneous expense 15,000

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Supplies                           9,000

Supplies expense          12,000

Taxes expense              10,000

Utilities expense           38,000

Wages expense         525,000

Retained Earnings, May 1, 2017      145,000

Dividends                     40,000

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