Dole Industries had the following inventory transaction occur during 2014.
|
Date
|
Unit Purchased
|
Cost Per Unit
|
|
Feb 1, 2014
|
72
|
$90
|
|
March 14, 2014
|
124
|
$94
|
|
May 1, 2014
|
88
|
$98
|
The company sold 204 units at $126 each and has a tax rate of 30%. Assuming that a periodic inventory system is used and operating expense of $2,000. What is the companies after tax income using LIFO? (round to whole dollars)
- $4,176
- $4,323
- $3,349 $2,923
What is the company's after tax income using FIFO? (round to whole dollars)
[same data from the chart above]
- $4,176
- $4,784
- $3,349 $2,923
At May 1, 2014 Heineken Company had beginning Inventory consisting of 200 units with a unit cost of $7. During May the company purchased inventory as followed:
- 400 units at $7 per units
- 600 units at $8 per unit.
The company sold 1,000 units during the month for $12 per unit. Heineken uses the average cost method. The average cost per unit for May is:
Snug As A Bug blankets has the following inventory data:
|
July 1 beg. Inventory
|
15 unit
|
$60 per unit
|
|
July 5 purchases
|
90 unit
|
$ 56per unit
|
|
July 14 sales
|
60 unit
|
$
|
|
July 21 purchases
|
45 unit
|
$58 per unit
|
|
July 30 sales
|
42 unit
|
$
|
Assuming that a perpetual inventory system is used, what is the ending inventory rounded under the average cost method for July?
- $2,750
- $2,784
- $2,406
- $2,772
Quark Ink just began business and made the following 4 inventory purchases:
June 1 - 150 unit $825
June 10 - 200 $1120
June 15 - 200 unit $1140
June 28 - 150 unit $885
Total overall cost $3,970
A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using FIFO inventory method, the amount allocating to the ending inventory for June is?
- $1,105
- $1,100
- $1,170
- $1,180