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DanielleElmas [232]
4 years ago
14

Coronado Industries had the following inventory transactions occur during 2018:  Unit Cost/unit 2/1/18Purchase56$503/14/18 Purch

ase 92$415/1/18Purchase66$50The company sold 150 units at $60 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO?
Business
1 answer:
crimeas [40]4 years ago
3 0

Answer:

$2,256

Explanation:

Given that,

Number of units sold = 150 units

Selling price = $60

Tax rate = 40%

                            Unit       Cost/unit

2/1/18  Purchase     56          $50

3/14/18  Purchase    92          $41

5/1/18    Purchase    66          $50

Cost of goods sold:

= (66 units × $50) + [(150 units - 66 units) × $41)

= $3,300 + $3,444

= $6,744

Sales:

= Number of units sold × Selling price

= 150 ×  $60

= $9,000

Gross profit:

= Sales - Cost of goods sold

= $9,000 - $6,744

= $2,256

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8 0
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Consider two neighboring island countries called Euphoria and Contente. They each have 4 million labor hours available per week
liubo4ka [24]

Explanation:

here is an explanation and solution to your question

For Euphoria:

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for contente:

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opportunity cost of producing 1 unit of jean in terms of unit of rye:

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1.

Euphoria's opportunity cost of producing a a bushel of rye is 4 pairs of jeans.

contentes opportunity cost of producing a bushel of rye is 2 pairs of jeans.

2.

contente has comparative advantage in producing rye

euphoria has comparative advantage in jeans production

3

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euphoria 20 pairs of jean in a week, using 4 million hours of labor. 20x4 = 80 pairs of jean a week

8 0
4 years ago
Creating a graphic organizer is a good strategy to use for A. recognizing a problem. B. brainstorming a solution. C. evaluating
Stells [14]

Answer:

B: Brainstorming a solution

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