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CRANE INC. Condensed Income Statements For the Year Fnded Decenber 31, 2022 FIFO LIFO Sales Revenues 755300 755300 Cost of Goods Sold Beginning Inventory 8000 Cost of Goods Purchased 466000 466000 Cast of Goods Available for Sale v 474000 474000 i Ending inventory Cost of Goods Sold

CRANE INC. Condensed Income Statements For the Year Fnded Decenber 31, 2022 FIFO LIFO Sales Revenues 755300 755300 Cost of Goods Sold Beginning Inventory 8000 Cost of Goods Purchased 466000 466000 Cast of Goods Available for Sale v 474000 474000 i Ending inventory Cost of Goods Sold

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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Question 2 of 3 > 9.9/ 33 Inventories Purchases and Sales Beginning (4,000 units) $8.000 Total net sales (182,000 units) $755,300 Ending (12,000 units) Total cost of goods purchased (190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $2.20 $110,000 2 40,000 2.35 94,000 40,000 2.50 100,000 4 60,000 2.70 162.000 190.000 $466,000 Operating expenses were $120,000, and the company's income tax rate is 40%. (a) Your Answer Correct Answer Your answer is partially correct. Prepare comparative conderised income staternents for 2022 under FIFO and LIFO. CRANE INC. Condensed Income Statements For the Year Fnderd December 31, 2022 FIFO LIFO Sales Revenues 755300 755300 Cost of Goods Sold Beginning Inventory a000 i 8000 i Cost of Goods Purchased 466000 466000 Cast of Goods Avwailahıle for Sale v 474000 474000 i Ending inventory Cost of Goods Sold Gross Profit / ILos) Operating Expenses Income before income Taxes Incne Tax Expense Net Income/(Loss)
Transcribed Image Text:Question 2 of 3 > 9.9/ 33 Inventories Purchases and Sales Beginning (4,000 units) $8.000 Total net sales (182,000 units) $755,300 Ending (12,000 units) Total cost of goods purchased (190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $2.20 $110,000 2 40,000 2.35 94,000 40,000 2.50 100,000 4 60,000 2.70 162.000 190.000 $466,000 Operating expenses were $120,000, and the company's income tax rate is 40%. (a) Your Answer Correct Answer Your answer is partially correct. Prepare comparative conderised income staternents for 2022 under FIFO and LIFO. CRANE INC. Condensed Income Statements For the Year Fnderd December 31, 2022 FIFO LIFO Sales Revenues 755300 755300 Cost of Goods Sold Beginning Inventory a000 i 8000 i Cost of Goods Purchased 466000 466000 Cast of Goods Avwailahıle for Sale v 474000 474000 i Ending inventory Cost of Goods Sold Gross Profit / ILos) Operating Expenses Income before income Taxes Incne Tax Expense Net Income/(Loss)
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