User Account

All Pages

What is the companys gross profit using lifo

Assignment Help Accounting Basics
Reference no: EM13515161

Hogan Industries had the following inventory transactions occur during 2012: Units Cost/Unit Feb.1, 2012 Purchase 18 $45 Mar. 14, 2012 Purchase 31 $47 May 1, 2012 Purchase 22 $49 The company sold 51 units at $63 each and has a tax rate of 30%.

Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)

Reference no: EM13515161

Questions Cloud

Salvage value of the u-scan : The salvage value of the U-Scan is expected to be $3,000. What is the net present value if the cost of capital is 12 percent (ignore income taxes)? If required, round to the nearest whole dollar.
What plants were used at an archeological site : What is the word for a fossilized piece of silica absorbed by plants during life that indicates what plants were used at an archeological site?
State the equilibrium concentrations of xy : Based on a kc value of 0.210 and the given data table, what are the equilibrium concentrations of xy,x and ,y respectively
What is the gauge pressure in the left section of the pipe : In the figure below, water flows through a horizontal pipe, and then out into the atmosphere at a speed of v1 = 13 m/s. What is the gauge pressure in the left section of the pipe
What is the companys gross profit using lifo : Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
What accounts for the polytypic nature of our species : Choose and assess a model for the origins of modern H. sapiens, providing evidence that supports your choice. What this question is asking is: given that humans are a polytypic species, we nevertheless are genetically very similar.
Explain solution of hcl needed to consume all the calcium : Determine the volume measured in a buret of a 0.2750M solution of HCl needed to consume all the calcium carbonate in a 2.5 x 1.0 x 0.5 in block.
Determine sales and gross profit : Determine sales and gross profit given cost of goods sold was $622,000 and net loss was ($41,000).
Define what will the final temp of the calorimeter : the calorimeter above that contains 20.00g of water at 23.15 degrees C, what will the final temp of the calorimeter be when the reaction gose to completion

Reviews

Write a Review

Accounting Basics Questions & Answers

  Examine of confirm deeds or title documents for proof of ow

For each of the following tests, state whether it is a test of details of account balances or a test of details of transactions

  Total cash dividends of 8000 were declared and paid

at the end of 1999 the total assets of dole corp were 90000 and total liabilities were 50000. the company has been in

  Proceeds from the issue of debt securities having stock

proceeds from an issue of debt securities having stock warrants should not be allocated between debt and equity

  Basis in the partnership interest

What is the income or gain recognized? What is his basis in the partnership interest?

  Appropriate entry in the general fund

The retail value of each computer is $3,000. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this..

  Determining the profit margin

Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would LeCompte need in order to achieve the 15% ROE, holding everything else constant?

  Change in accounting estimate

Discuss how "trust" is impacted when companies restate its financial statements. It maybe in reference to the change in accounting principle, change in accounting estimate, change in reporting entity, and error corrections.

  How to resolve ethical problems

Decision making framework - how to resolve ethical problems and what are the professional, organisational and personal ethics issues?

  Understanding the auditors report and the process

Explain why each of these terms is important for understanding the auditors' report and the process.

  Journalize the adjusting entry for the inventory shrinkage

Journalize the adjusting entry for the inventory shrinkage for Three Turtles Company for the year ended August 31, 2008.

  Detemining total depreciation deductions

The mid-quarter convention does not apply. Tiger elects to depreciate the maximum under Sec. 179. Tiger's taxable income for the year before the Sec. 179 deduction is $150,000. What is Tiger's total depreciation deductions related to this proper..

  During july the store will be open 300 hours predict the

gator beach marts a chain of convenience grocery stores in the fort lauderdale area has store hours that fluctuate from

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd