# What is nuevas gross profit ratio rounded if it

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Chapter 10 / Exercise EX10-2
Managerial Accounting
Warren/Tayler
Expert Verified
51. What is Nueva's gross profit ratio (rounded) if it elects FIFO? Nueva Company reported the following pretax data for its first year of operations.Net sales7,340Cost of goods available for sale5,790Operating expenses1728Effective tax rate40%Ending inventories:If LIFO is elected618If FIFO is elected798A. 30%. B. 32%. C. 10.7%. D. 60%.
52. What is Nueva's net income if it elects FIFO? Nueva Company reported the following pretax data for its first year of operations.Net sales7,340Cost of goods available for sale5,790Operating expenses1728Effective tax rate40%Ending inventories:If LIFO is elected618If FIFO is elected798
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Chapter 10 / Exercise EX10-2
Managerial Accounting
Warren/Tayler
Expert Verified
53. What is Nueva's net income if it elects LIFO? Nueva Company reported the following pretax data for its first year of operations.Net sales7,340Cost of goods available for sale5,790Operating expenses1728Effective tax rate40%Ending inventories:If LIFO is elected618If FIFO is elected798
54.Ending inventory assuming LIFO in a periodic inventory system would be: Inventory records for Herb's Chemicals revealed the following:March 1, 2016, inventory: 1,000 gallons @ \$7.20 = \$7,200Purchases:Sales:Mar. 10600 gals @ \$7.25Mar. 5400 galsMar. 16800 gals @ \$7.30Mar. 14700 galsMar. 23600 gals @ \$7.35Mar. 20500 galsMar. 26700 gals
55.Ending inventory assuming LIFO in a perpetual inventory system would be: Inventory records for Herb's Chemicals revealed the following:March 1, 2016, inventory: 1,000 gallons @ \$7.20 = \$7,200Purchases:Sales:Mar. 10600 gals @ \$7.25Mar. 5400 galsMar. 16800 gals @ \$7.30Mar. 14700 galsMar. 23600 gals @ \$7.35Mar. 20500 galsMar. 26700 galsA. \$4,960. B. \$5,060. C. \$5,080. D. \$5,140.
56.The ending inventory assuming FIFO is: Inventory records for Herb's Chemicals revealed the following:March 1, 2016, inventory: 1,000 gallons @ \$7.20 = \$7,200Purchases:Sales:Mar. 10600 gals @ \$7.25Mar. 5400 galsMar. 16800 gals @ \$7.30Mar. 14700 galsMar. 23600 gals @ \$7.35Mar. 20500 galsMar. 26700 gals
57.The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is: Inventory records for Herb's Chemicals revealed the following:March 1, 2016, inventory: 1,000 gallons @ \$7.20 = \$7,200Purchases:Sales:Mar. 10600 gals @ \$7.25Mar. 5400 galsMar. 16800 gals @ \$7.30Mar. 14700 galsMar. 23600 gals @ \$7.35Mar. 20500 galsMar. 26700 gals
58. The ending inventory assuming LIFO and a periodic inventory system is: 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. 10500 qts @ \$2.50Apr. 3200 qtsApr. 14400 qts @ \$2.60Apr. 12500 qtsApr. 20400 qts @ \$2.65Apr. 26300 qts