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BlackZzzverrR [31]
3 years ago
5

Granger Company had January 1 inventory of $150,000 when it adopted dollar-value LIFO. During the year, purchases were $900,000

and sales were $1,500,000. December 31 inventory at year-end prices was $189,750, and the price index was 110. What is Granger Company’s gross profit?
Business
1 answer:
Lisa [10]3 years ago
5 0

Answer:

$624, 750

Explanation:

Purchases = 900,000

Sales = 1500000

Price index = 110%

Inventory= 189750

1,500,000 - [{($150,000 x 110%) + $900,000} - $189,750]

=1,500,000 - [($150,000 x 1.1) + $900,000] - $189,750

= 1,500,000 - (1065000 - 189750)

= 1,500,000 - 875250

=$624,750

Gross profit. = $624750

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What amount needs to be invested today at 6% simple interest in order to have $4000 in 2 years?
garri49 [273]
Data:
A (amount) = ?
P (Principal) = $ 4000
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\boxed{\boxed{A = \$\:4480}}\end{array}}\qquad\quad\checkmark


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