Communication Skills Quiz 35.pdf - 61 Award 1.00 point...

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61. Award: 1.00 point Problems? Adjust credit for all students. The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 20,000 units consisted of the following, listed in chronological order of acquisition: 12,000 units at a cost of $8.00 per unit = $96,000 8,000 units at a cost of $9.00 per unit = 72,000 During 2021, inventory quantity declined by 10,000 units. All units purchased during 2021 cost $12.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assuming the amount determined is material. $ LIFO liquidation profit 32,000

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