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Gre4nikov [31]
3 years ago
5

Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 108 $45 Mar.

14, 2017 Purchase 186 $47 May 1, 2017 Purchase 132 $49 The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1800, what is the company's after-tax income using LIFO
Business
1 answer:
kirill [66]3 years ago
5 0

Answer: $1,982.40

Explanation:

The company's after-tax income using LIFO will be:

Sales = 306 × $63 = $19,278

Less: Cost of Goods Sold

132 × $49 = $6,468

174 × $47 = $8,178

Coat if goods sold = $14,646

Gross Profit = $19,278 - $14,646 = $4,632

Less: Operating Expense = $1,800

Income Before Tax = $2,832

Less: Tax = 30% × $2832 = $849.60

Income after Tax = $1,982.40

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Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)
Mila [183]

Answer: Cost of Goods sold

Explanation:

Common size analysis refers to making all entries in the income statement, a percentage of sales for that year.

Current Year                                                      Prior Year

Sales                                      100%                           100%

Cost of Goods sold               75.7%                          46.5%

Gross Profit                            24.3%                          53.5%

Operating expenses             17.3%                             35%

Net Income                              7.0%                            18.5%

<em>Looking at the percentages above, one can see that the COGS increased the most from the previous year by going from 46.5% to 75.7% representing an increase of 29.2%.</em>

<em>This had the most impact on Net income as it substantially reduced Gross profit. </em>

8 0
3 years ago
Recommend ways to deal with the following personalities in the workplace"
Roman55 [17]
1) Know the complaint. Ask what they think is the best solution to resolve the problem. Weigh the pros and cons of their suggestions. If more pros than cons, implement their suggestions. If more cons than pros, ask them to suggest other ways of solving their complaints.
2) Narrow down the choices. Give them shorter time to think and hold them to their decision.
3) Let them share their expertise with others. 
4) Let them share their ideas more. Let them be more involve in team activities so that they will feel that they belong.
5) Give them projects that they can kickstart. That way they will have a way to channel their aggressiveness. Let them be part of team building activities to help them adjust with other people's personalities.
5 0
3 years ago
Which of the following describes what the Fed would do to pursue an expansionary monetary​ policy? A. use discount policy to rai
koban [17]

Answer:

Option (B) is correct.

Explanation:

Open market operations is a monetary policy instrument that is used by the Federal reserve for controlling the money supply in an economy. If there is a need to decrease the money supply in an economy then fed sells the government securities to the public and on the other hand if there is a need to increase the money supply in an economy then fed purchases the government securities from the public.

So, here the expansionary policy is to purchases the treasury bills from the public.

7 0
3 years ago
An engineering firm wrote a new policies and procedures manual that helped everyone know exactly what to do and how to do it. Wh
defon

Answer:

The correct answer is: the cost of it.

Explanation:

To begin with, knowing that planning, organizating, controling and directing are the basis of an structured company in order to achieve efficiently those there is a cost that has to be done, therefore that the major drawback of becoming more structured in the company is the cost of doing it, due to the fact that creating documents and teaching every one how to use it and more, the costs of the company will increase as well as the company will become more structured.

3 0
4 years ago
Read 2 more answers
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per un
harina [27]

Answer:

Cost of goods sold= $133

Explanation:

Giving the following information:

A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory.

Cost of goods sold= 7*14 + 5*7= $133

7 0
4 years ago
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