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shepuryov [24]
3 years ago
5

BPS reported the following data for its first year of operations: Sales Revenue $8,000 Cost of Goods Available for Sale 6,200 Op

erating Expenses 900 Sales Returns & Allowances 640 Sales Discounts Ending Merchandise Inventory: If LIFO is used 820 If FIFO is used 128 925 What is the company's net income if LIFO is elected? A. None of the other 4 answer choices provided are correct. B. $132 C. $1,057 D. $952 E. $1,720
Business
1 answer:
Fittoniya [83]3 years ago
5 0

Answer:

D. $952

Explanation:

The computation of the net income in the case when the LIFO is elected

Particulars AMount

Net sales    $7,232   ($8,000 - $640 - $128)

less : cost of goods sold ($6,200 - $820) $5,380

Gross Profit $1,852

Less: Operating Expenses   $900

Income before taxes $952

less: Income tax $0

Net income $952

Hence, the net income is $952

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Answer:

Correct Answer:

d. none of the above

Explanation:

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Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. T
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Answer:

Please check the following explanation

Explanation:

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3 years ago
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Arlecino [84]

Answer:

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Explanation:

Storage cost -

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Whats the answer options you get

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When a reader uses their resources within the book to understand the book and how it is constructed, it helpes the reader develop better reading strategies. Using the glossary lets the reader identify and find information at a quicker rate which in turn, helps develop better reading strategies. Therefor, the answer is false, because the reader does develop better reading strategies when they use the glossary.

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