P6-7A week 2 Team - 259,000 240,500 Operating expenses...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
UTLEY INC. Condensed Income Statement For the Year Ended December 31, 2008 FIFO LIFO Sales ......................................................................... $665,000 $665,000 Cost of goods sold Beginning inventory ..................................................... 35,000 35,000 Cost of goods purchased .............................................. 504,500 504,500 Cost of goods available for sale ................................... 539,500 539,500 Ending inventory .......................................................... 133,500 a 115,000 b Cost of goods sold ......................................................... 406,000 424,500 Gross profit
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ............................................................................ 259,000 240,500 Operating expenses. ............................................................... 130,000 130,000 Income before income taxes. ................................................. 129,000 110,500 Income tax expense (28%). .................................................... 36,120 30,940 Net income. ............................................................................. $ 92,880 $ 79,560 a (25,000 @ $4.50) + ( 5,000 @ $4.20) = $133,500. b (10,000 @ $3.50) + (20,000 @ $4.00) = $115,000....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern