Answer:
gross profit under FIFO = $40,570 - $25,220 = $15,350
gross profit under LIFO = $40,570 - $26,340 = $14,230
gross profit under weighted average = $40,570 - $26,240 = $14,330
gross profit under specific id. = $40,570 - $26,070 = $14,500
Explanation:
sales revenue = (290 x $86.60) + (160 x $96.60) = $40,570
COGS under FIFO:
130 x $51.60 = $6,708
160 x $56.60 = $9,056
80 x $56.60 = $4,528
80 x $61,60 = $4,928
total COGS = $25,220
COGS under LIFO:
240 x $56.60 = $13,584
50 x $51.60 = $2,580
160 x $63.60 = $10,176
total COGS = $26,340
COGS under weighted average:
weighted average = [(130 x $51.60) + (240 x $56.60) + (100 x $61.60) + (180 x $63.60)] / 650 = $58.31
450 x $58.31 = $26,239.50 ≈ $26,240
COGS under specific method:
80 x $51.60 = $4,128
210 x $56.60 = $11,886
60 x $61.60 = $3,696
100 x $63,60 = $6,360
total COGS = $26,070
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Answer:
d
Explanation:
the amount by which the price of wheat falls will be smaller the lower the income elasticity of wheat. So, that´s why the income elasticity of wheat is for.
Answer: additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
Explanation:
The options are:
additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein.
c. retained earnings.
d. net income.
From the question, we are informed that Wilson Corp. purchased its own par value stock on January 1, 2015 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000.
Therefore, the $8,000 difference between the cost and sales price should be recorded as a deduction from the additional from the paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein otherwise, from the retained earnings.
