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Management of Tinker Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records show these data. Inventory, January 1 (10,000 units) $ 35,000 Cost of 120,000 units purchased 474,740 Selling price of 98,600 units sold 757,500 Operating expenses 129,500 Units purchased consisted of 34,200 units at $3.80 on May 10; 60,400 units at $3.90 on August 15; and 25,400 units at $4.30 on November 20. Income taxes are 30%. (a) Prepare comparative condensed income statements for 2014 under FIFO and LIFO.
Prepare a schedule of cost of goods sold and prepare a multistep income statement - Determining cost of goods sold: periodic system
To decrease the variance of a portfolio of assets, simply add assets with low/small variance. An investor who is in the 33% tax bracket is indifferent between a 9% tax-free muni and a 6% taxable bond. The standard deviation of a portfolio of assets i..
Suppose Kate has 15 dollars, and six-packs of Diet Coke sell for $3 and six packs of generic diet cola sell for $1. Graph Kate’s budget constraint and some representative indifference curves. What is her optimal bundle?
Prepare the journal entry panther used when it issued (sold) the bonds in 2011. What is panther's annual interest expense? Prepare the journal entry bronco used when it bought ½ of the bonds in 2014.
what are the auditor’s responsibilities for inventory maintained in public warehouses or with other outside custodians? What risks do auditors face with these different locations where inventory is stored?
Harris Corporation produces a single product
On January 1, 2016, Solo Inc. issued 1,400 of its 10%, $1,000 bonds at 99. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2026. Solo paid $65,000 in bond issue costs. Solo uses straight-line amortization. The..
question julio produces two kinds of calculator standard and deluxe. the company is presently using a traditional
The subsequent accounts are denominated in pesos as of 31st December, 2013. For reporting purposes, these amounts need to be stated in U.S. dollars.
Prepare a report of the differential costs and revenues if the lawn service is discontinued and should Renee discontinue the lawn service?
question 1please answer the followingsa. what is the maximum price that you are willing to pay for a machine if it is
Jenny’s Cutting Station is a new concept in haircuts; low cost and very quick. Set in a local mall, Jenny’s offers 15 minute haircuts for harried shoppers who do not have time for lengthy appointments. To ensure that the clients are in and out quickl..
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