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Liula [17]
3 years ago
7

Pinkie Print​ Supplies, Inc., sells laser printers and supplies. Assume Pinkie started the year with 100 containers of ink​ (ave

rage cost of $ 9.10 ​each, FIFO cost of $ 8.60 ​each, LIFO cost of $ 8.00 ​each). During the​ year, the company purchased 800 containers of ink at $ 10.00 and sold 600 units for $ 21.75 each. Pinkie paid operating expenses throughout the​ year, a total of $ 5 comma 000. Ignore income taxes for this exercise. Prepare Pinkie​'s income statement for the current year ended December 31 using the​ average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income statement​ labels, and then calculating the amounts for each of the three required inventory methods.​ (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole​ dollar.)
Business
1 answer:
ArbitrLikvidat [17]3 years ago
6 0

Answer:

Instructios are listed below

Explanation:

Giving the following information:

Assume Pinkie started the year with 100 containers of ink​ (average cost of $ 9.10 ​each, FIFO cost of $ 8.60 ​each, LIFO cost of $ 8.00 ​each).

During the​ year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $21.75 each. Pinkie paid operating expenses throughout the​ year, a total of $ 5,000.

FIFO:

Sales= 600*21.75= 13,050

COGS= (100*8.60 + 500*10)= 5860

Gross profit= 7190

Operating expense= 5000

Net operating profit= $2,190

LIFO:

Sales= 13,050

COGS= (600*10)= 6000

Gross profit= 7,050

Operating expense= 5000

Net operating profit= $2,050

Average-cost

Sales= 13,050

COGS= [(9.10+10)/2]*600= 5730

Gross profit= 7,320

Operating expense= 5000

Net operating profit= $2,320

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Explanation:

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5 0
3 years ago
Would you rather be a juvenile prosecutor or defense attorney? Explain your decision.
balandron [24]

Answer:

<u>a defense attorney instead</u>

<u>Explanation:</u>

From a financial standpoint, a <u>defense attorney</u> would more likely make more money than a<u> juvenile prosecutor</u> because a defense attorney could charge up more for certain cases than been a juvenile prosecutor who wants to ensure someone is convicted.

Also, in terms of purpose, I do feel a defense lawyer could make more impact socially by defending his or her clients.

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nata0808 [166]

Answer:

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Explanation:

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Answer:

See explanation Section

Explanation:

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 Balance Sheet (Current Asset only)

        As at December 31, 2017

Particulars                         $                         $

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