Inventory

Inventory - Units SaleofItemReelMowerunits 40000...

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Units Unit Price $ Average Cost Method FIFO Method LIFO Method Sale of Item Reel Mower units  67,000,000.0 40000 $1,675.0 Minus Cost of Goods Sold Beginning Inventory 13,500,000.0 15000 $900.0 Plus Purchases Q1 10000 $1,000.0 10,000,000.0 Q2 10000 $1,100.0 11,000,000.0 Q3 10000 $1,200.0 12,000,000.0 Q4 10000 $1,300.0 13,000,000.0 Total Purcases 40000 46,000,000.0 Cost of Goods Available for Sale 55000 59,500,000.0 Minus Ending Inventory  15,000.0 ? $16,227,272.7 $19,000,000.0 $13,500,000.0 Cost of Goods Sold  40000 ? $43,272,727.3 $40,500,000.0 $46,000,000.0 Gross Profit ? $23,727,272.7 $26,500,000.0 $21,000,000.0 $10,000,000.0 $10,000,000.0 $10,000,000.0 Income bef taxes $13,727,272.7 $16,500,000.0 $11,000,000.0 Income tax (35%) $4,804,545.5 $5,775,000.0 $3,850,000.0 Net Income $8,922,727.3 $10,725,000.0 $7,150,000.0 SELL ALL INVENTORY IN THE NEXT PERIOD 2007 2008 Total Average Sales 67,000,000.0 25,125,000.0 92,125,000.0 Minus COGS
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This note was uploaded on 10/25/2011 for the course BUS 214 taught by Professor Waker during the Fall '08 term at Cal Poly.

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