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Marrrta [24]
3 years ago
13

A company uses LIFO. At the beginning of the current year its inventory was $200,000, and at the end of the current year its inv

entory is $250,000. At the start of the year its LIFO reserve was $30,000 and at the end of the year its LIFO reserve is $40,000. The company operates in an inflationary environment. If the company used FIFO instead of LIFO, its ending inventory would be_____________.
Business
1 answer:
andriy [413]3 years ago
7 0

Answer:

FIFO ending inventory = $290000

Explanation:

given data

current year inventory = $200,000

end of the current year inventory = $250,000

start of the year LIFO reserve = $30000

end of the year  LIFO reserve = $40,000

solution

LIFO reserve is difference between inventory using LIFo and inventory using FIFO

so

FIFO ending inventory = LIFO ending inventory + LIFO reserve ...............1

put her evalue we get

FIFO ending inventory = $250000 + $40000

FIFO ending inventory = $290000

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Answer:

False

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What is the first step in amending the Texas Constitution?
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Answer:

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Explanation:

According to Article 17 of the Texas Constitution which is otherwise known as "Mode of Amending the Constitution of This State"

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Bill gore believed in keeping operational facilities small due to his focus on high quality interpersonal relationships, and as
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You are given the following information for Ted’s Dread Co.: sales = $82,000; costs = $57,700; addition to retained earnings = $
vazorg [7]

Answer:$6,843.33=Depreciation

Explanation:

To Calculate the depreciation expense for the company

Net income = Dividends + Addition to retained earnings

Net income = $3,320 + 7,500

Net income = $10,820

Also,

Net income = Taxable income - (Taxable income)(Tax rate)

Net income = Taxable income(1 - Tax rate)

Therefore,

Taxable income = Net income / (1 - Tax rate)

Taxable income = $10,820 / (1 - 0.25

Taxable income = $10,820/0.75 =14,426.67

But

EBIT -interest = taxable income,So

EBIT = Taxable income + Interest

EBIT = $14,426.67+3,030

EBIT = 17,456.67

EBIT = Sales - Costs - Depreciation

$17,456.67 = $82000 - 57,700 - Depreciation

$17,456.67= 24,300-Deprecistion

Depreciation =24,300-17456.67 =

$6,843.33

4 0
3 years ago
Pacific Ink had beginning work-in-process inventory of $762,960 on October 1. Of this amount, $313,920 was the cost of direct ma
BartSMP [9]

Answer:

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

Explanation:

Equivalent unit of material = (120,000× 100%)+(39,000×75%)=149250

Cost per unit of material = Total cost /Total equivalent unit

=(313,920 +2,956,500)/149250 =21.912

Cost per conversion cost

Equivalent unit of conversion cost

= (120,000 × 100%) + ((39,000×35%)= 133,650

Cost per unit of conversion cost

= ($3,737,220 + $449,040)/133,650  = 31.322

Cost of goods transferred = 120,000× (21.912 + 31.322)= 6,388,147.07  

Cost of Inventory = (75%*39,000×21.912)+(35%× 39,000×31.322)

                             = 1,068,478.93  

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

=

3 0
3 years ago
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