Use the following information to answer questions

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Use the following information to answer questions 45–47. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 70 units at $ 80 170 units at $ 60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. 45. Ending inventory using the average cost method (rounded) is:
46. Ending inventory using the FIFO method is:
47. Ending inventory using the LIFO method is:
Use the following to answer questions 48–50: Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40%
48. What is Nu's net income if it elects FIFO?
49. What is Nu's net income if it elects LIFO?
50. What is Nu's gross profit ratio if it elects LIFO?
Use the following to answer questions 51–53: Nueva Company reported the following pretax data for its first year of operations. Net sales 7,340 Cost of goods available for sale 5,790 Operating expenses 1728 Effective tax rate 40% Ending inventories: If LIFO is elected 618 If FIFO is elected 798 51. What is Nueva's gross profit ratio (rounded) if it elects FIFO?
52. What is Nueva's net income if it elects FIFO?
53. What is Nueva's net income if it elects LIFO?
Use the following to answer questions 54–57: Inventory records for Herb's Chemicals revealed the following:
54. Ending inventory assuming LIFO in a periodic inventory system would be:
55. Ending inventory assuming LIFO in a perpetual inventory system would be:
56. The ending inventory assuming FIFO is:
57. The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:
Use the following to answer questions 58 and 59: Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 300 qts. @ $2.40 on April 1. Purchases: Sales: Apr. 10 500 qts @ $2.50 Apr. 3 200 qts Apr. 14 400 qts @ $2.60 Apr. 12 500 qts Apr. 20 400 qts @ $2.65 Apr. 26 300 qts 58. The ending inventory assuming LIFO and a periodic inventory system is:
59. The ending inventory assuming LIFO and a perpetual inventory system is:

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