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Gre4nikov [31]
2 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]2 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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Answer and Explanation:

The adjusting entry made on Tuesday is as follows

Salaries expense Dr $120  ($300 × 2 days ÷ 5  days)

         To Salaries payable $120

(Being the salaries expense is recorded)

here the salaries expense is debited as it increased the expenses and salaries payable is credited as it also increased the liabilities.

6 0
3 years ago
The internet enables people to make better economic decisions because they can do which of the following?
faltersainse [42]

<u>Answer:</u>

<em>The practice of buying and selling goods and services over the internet is known as E-Commerce</em>

<u>Explanation:</u>

E-commerce is otherwise called electronic trade or web business. Exchange of cash, assets, and information is likewise considered as E-business. These business exchanges should be possible in four different ways:  

Business to Business (B2B), Business to Customer (B2C), Customer to Customer (C2C), Customer to Business (C2B).Any variety of the spelling is right, and everything portrays a similar demonstration of performing business by means of the web.

3 0
3 years ago
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Music is effective at gaining a viewer's attention:a) and increases the retention of information in the ad b) and increasing the
swat32

Answer:

A. And increases the retention of information in the ad

Explanation:

Music in ad is a way of creating awareness which excite the prospective customers, it help to gain their attention and also helps to remember the information of the advert because subconsciously the music plays in their head and as it does , the information about the product keeps coming to them.

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Recently, ink has been developed that will conduct electricity. The application for this ink is to print circuitry that can be r
nalin [4]

Answer:

This is an example of how technological forces are applied to industry.

Explanation:

This here is a clear example of how an industry can enjoy benefits of technological up gradation and also goes on to show how we can apply such technological up gradations to a particular industry.

The example given in the question of such an ink which can print circuitry, is a huge game changer in the industry as the cost of radio frequency tag would be driven down , giving the chance to the firms in the industry to book more profit than before.

6 0
3 years ago
What is the total sales-mix variance in terms of the contribution margin?
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The total sales-mix variance in terms of the contribution margin is $2,60,000 favorable.

The contribution margin is computed because of the promoting charge per unit, minus the variable fee per unit. Also called dollar contribution consistent with the unit, the degree shows how a particular product contributes to the overall earnings of the company.

Contribution margin, or dollar contribution consistent with the unit, is the promoting charge according to the unit minus the variable value in keeping with the unit. "Contribution" represents the part of income revenue that is not fed on with the aid of variable expenses and so contributes to the insurance of fixed expenses.

The closer a contribution margin percent, or ratio, is to a hundred%, the higher. The higher the ratio, the extra cash is available to cover the enterprise's overhead costs or fixed costs. However, it is much more likely that the contribution margin ratio is properly under 100%, and in all likelihood beneath 50%.

Learn more about contribution margin here brainly.com/question/24039258

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3 0
1 year ago
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