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Sliva [168]
3 years ago
12

Swifty Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/20 Purchase 55 $46 3/14/20 Pur

chase 91 $41 5/1/20 Purchase 61 $46 The company sold 140 units at $70 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? (rounded to whole dollars)
Business
1 answer:
kykrilka [37]3 years ago
5 0

Answer:

$3,785

Explanation:

FIFO Inventory valuation method requires that the Inventory which is purchased first should be sold first and inventory Purchased at last should be sold at last.

As we know Gross profit is the Net of Sales and Cost of Goods Sold.

Sales                            $9,800

Cost of Goods Sold    <u>($6,015)</u>

Gross Profit                  <u>$3,785</u>

All workings are made in an MS Excel File, which is attached with this answer Please find it.

Download xlsx
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Specialization increases the productivity of a nation's resources and allows for larger total output.
7 0
3 years ago
What problems do you think Hudson will face on entering the European market? Make a list of your ideas then share with your clas
maks197457 [2]

Some problems that Hudson will face when they enter into the European market include:

  • Competition from established industries.
  • Higher cost of establishment.
  • Lower profits or losses in first few years.

<h3>Why will Hudson face these problems?</h3>

Hudson would be going up against already established companies who have a loyal customer base and less costs as they do not need to pay for startup costs.

Hudson will also incur high investment costs in the areas of production and advertisement as they try to establish themselves in the European markets.

As a result of these high costs, Hudson will make losses or low profits as they might not be able to draw enough clientele to cover the cost of setting up in Europe.

In conclusion, Hudson faces several challenges.

Find out more about start up costs at brainly.com/question/13923720.

3 0
3 years ago
There are fewer opportunities for differentiation in mature industries, because:
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3 0
3 years ago
Peninsula Company reported net income of $290,000 for the year. During the year, accounts receivable increased by $21,000, accou
guajiro [1.7K]

Answer:

$305,000

Explanation:

Given that,

Net income for the year = $290,000

Increase in accounts receivable = $21,000

Decrease in accounts payable = $9,000

Depreciation Expense = $45,000

Net cash provided by operating activities:

= Net Income of current year - Decrease in Accounts Payable + Depreciation Expense - Increase in Accounts Receivable

= $290,000 - $9,000 + $45,000 - $21,000

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4 0
3 years ago
Required: Journal entry
lisabon 2012 [21]

Answer:

If a cheque was being issued to settle a account payable, the relevant entry is to debit the accounts payable account to show that the debt is being reduced. You will then credit the cash account to show that cash is being reduced as well because it was used to pay off the debt.

Date                    Account Title                                           Debit               Credit

XX-XX-XXXX     Accounts Payable - Saurya Stores     Rs. 39,000

                           Cash                                                                            Rs. 39,000

7 0
3 years ago
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