1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Luden [163]
2 years ago
5

Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 110 $46 Mar.

14, 2017 Purchase 190 $48 May 1, 2017 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, what is the company’s gross profit using FIFO? (rounded to whole dollars)
Business
1 answer:
Rama09 [41]2 years ago
6 0

Answer:

The answer is: Gross profit = $2,788

Explanation:

  • Feb. 1         Purchase    110 units     $46 per unit
  • March 14    Purchase    190 units    $48 per unit
  • May 1         Purchase     135 units   $ 50 per unit

312 units were sold at $64 per unit, tax rate is 30%

Using FIFO, what is the company's gross profit? We first calculate COGS

Cost of goods sold - 312 units:

  • 110 units at $46 per unit = $5,060
  • 190 units at $48 per unit = $9,120
  • 60 units at $50 per unit = $3,000

Total COGS = $17,180

<u>Income statement for Hogan Industries 2017</u>

Total revenue         $19,968

<u>COGS                     ($17,180)     </u>

Gross profit             $2,788

<u>Taxes 30%             ($836.40)   </u>  

Net profit                $1,951.60

You might be interested in
In a growing number of jurisdictions, when a tenant moves out of leased premises before the term of the lease expires, the landl
Travka [436]

Answer:

To mitigate damages

Explanation:

When a a tenant breaches the terms of a real estate agreement, the landlord must come in to get another tenant to occupy the space.

He is avoiding a situation where the property is to be left unoccupied for a period of time.

Mitigating damages is a way of reducing further loss when one party breaches a contract.

In the given scenario if a tenant moves out of leased premises before the term of the lease expires, the landlord is required to make a reasonable attempt to lease the property to another party.

5 0
3 years ago
What is ethical behavior?
iren [92.7K]

Answer:

Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Those who have others' interests in mind when they make decisions are displaying ethical behavior. In the workplace, there might be a standard for ethics set throughout the company.

Explanation:

3 0
3 years ago
Lagle Corporation has provided the following information: Cost per Unit Cost per Period Direct materials$5.25 Direct labor$3.90
Vikentia [17]

Answer:

$16,050

Explanation:

The computation of the total amount of the period cost is shown below:

= Sales commission per unit × number of units sold + Fixed selling and administrative expense + Variable administrative expense per unit  × number of units sold

= $1.80 × 4,500 units + $6,600 + $0.30 × 4,500 units

= $8,100 + $6,600 + $1,350

= $16,050

7 0
3 years ago
during an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when
iren2701 [21]

During an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when the<u> perceived risk of the </u><u>product or service </u><u>to be purchased increases.</u>

This is further explained below.

<h3>What is <u>a product</u>?</h3>

Generally, A physical thing that is offered for sale for purchase, attention, or consumption is referred to as a commodity.

On the other hand, an intangible item that comes from the work of one or more humans is referred to as a service.

In conclusion, When a customer perceives an increased level of risk associated with the product or service that will be bought, he is more likely to broaden the scope of his search and take into consideration a greater number of alternative brands.

This occurs during an external information search.

Read more about <u>product </u>

<u>brainly.com/question/22852400</u>

#SPJ1

8 0
11 months ago
Define office .Explain its importance ​
snow_tiger [21]

Answer:

Therefore, An office is an important part of the organization in which different administrative and clerical functions are performed to achieve the objective of the organization. It has given importance to a functional area of business rather than a specific place. ... The office is the brain of an organization.

7 0
3 years ago
Other questions:
  • What hardware temporarily stores information when software is being used? system bus, ROM, HDMI, or RAM
    10·2 answers
  • if you're interested in working for a specific company what type of job site should you look at for opening
    8·2 answers
  • Which skills will help you interact well with an interviewer?
    14·1 answer
  • A firm using a(n) __________ strategy generally needs to operate "below the radar" of larger and more resource rich firms that s
    14·1 answer
  • Identify each of the following reconciling items as: An addition to the cash balance according to the bank statement. A deductio
    13·1 answer
  • Assume there is a decrease in the market demand for a good sold by price-taking firms that are initially producing the profit-ma
    5·1 answer
  • what type of resolutions are acted on without debate and without requiring memebrs to tread the resolution?
    15·1 answer
  • Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income​ statement: Ke
    15·1 answer
  • Which of the following is the most common traits of entrepreneurs? A. Passionate B. Risk-taker C. Independence D. Self-assured
    10·1 answer
  • Write about why it is important for world leaders to make just decisions for their people and to treat neighboring countries wit
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!