please answer within 30 minutes.. Cullumber Industries had the following inventory transactions occur during 2022:Feb. 1, 2022Mar. 14, 2022May 1, 2022PurchasePurchaseO $2097O $5370O $6554$2423PurchaseUnits112200132Cost/unit$45$47$49The company sold 323 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operatingexpenses of $1908, what is the company's after-tax income using LIFO? (rounded to whole dollars)

Name: please answer within 30 minutes.. Cullumber Industries had the followi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: please answer within 30 minutes.. Cullumber Industries had the following inventory transactions occur during 2022:Feb. 1, 2022Mar. 14, 2022May 1, 2022PurchasePurchaseO $2097O $5370O $6554$2423PurchaseUnits112200132Cost/unit$45$47$49The company sold 3

Under LIFO method, cost of goods sold is based on latest or last purchases. Periodic inventory…

Business

Accounting

Cullumber Industries had the following inventory transactions occur during 2022: Feb. 1, 2022 Mar. 14, 2022 May 1, 2022 Purchase Purchase Purchase Units Cost/unit $45 $47 $49 112 200 132 The company sold 323 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1908, what is the company's after-tax income using LIFO? (rounded to whole dollars)

Cullumber Industries had the following inventory transactions occur during 2022: Feb. 1, 2022 Mar. 14, 2022 May 1, 2022 Purchase Purchase Purchase Units Cost/unit $45 $47 $49 112 200 132 The company sold 323 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1908, what is the company's after-tax income using LIFO? (rounded to whole dollars)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Problem #1. You have a Visa credit card account with a 22.75% annual percentage rate calculated on…

A: Data given: Billing date: 1 st day of month APR=22.75% Period No of days Nature of Transaction…

Q: Need your help please. Thank you

A: Since in part b and part c, requirement is not displaying, I am answering for part a only.

Q: plan to select. The "regular" plan charges a fixed fee of P55 per month for 1,000 minutes of e plus…

A: Requirement: Perla purchased a cellular phone but he is confused to take monthly plan. He want to…

Q: Questions 4-10. With a beginning balance of $1200 and no additional charges during the next three…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: You invest $11,000 in an account that pays simple interest of 2% for 1 year. Calculate the amount of…

A: Simple interest is an easy method of calculating the interest amount. Simple interest is calculated…

Q: six-month was the simple annual interest rate 20. You deposit $2000 into a savings account. The…

A: The objective of the question is to find out how long it will take to earn $120 in interest with a…

Q: At age 18, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end…

A: Future value is the estimation of future cash value which is likely to be received in the future…

Q: SOLVE STEP BY STEP IN DIGITAL FORMAT 8. On April 1, 2004, an advance payment of $32,500.00 was made,…

A: Prepaid expenses refer to expenses that have been paid in advance by a company or an individual for…

Q: Please respond to the following scenarios as part of the Week 1: Calculating the Time Value of Money…

A: The time value of money is a principal used in valuation, which takes into account the effect of…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: please answer in excel and show work please The manager of Steve's Audio has approved Daisy's…

A: The PV of an ordinary annuity is the value today of a series of equal payments made at the same…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Step 1: To determine the amount of interest payable on a $1950 note with an interest rate of 4.5%…

Q: The monthly average cable TV bill in 2017 is $65.13. If cable costs are climbing at an annual rate…

A: Present value:- The term present value represents that an amount of money today have more worth or…

Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: Find the savings plan balance after 15 months with an APR of 2% and monthly payments of $100

A: Future Value of Annuity: It represents the future worth of the current stream of cash flows and is…

Q: Suppose today you signed a contract for a special assignment over the next 6 years. You will be paid…

A: Present value is the current value of future benefits at specified rate of interest. It is a capital…

Q: am.100.

A: The objective of the question is to prepare the journal entries for the month of June 2023 for…

Q: On October 24, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: Credit cards are plastic or metal cards used to pay for items or services using credit. Credit cards…

Q: You miss your first payment on the $375 balance. You receive a bill in the mail after 45 days…

A: When you miss your payment, the credit card company charges interest on it. The new balance will be…

Q: Bridget Logue is getting ready to open a small restaurant. She is on a tight budget and must choose…

A: A budget refers to the statement that the organizations, individuals, and the government prepare…

Q: what is the due date for a loan dated Nov 7 for 120 days?

A: Due date is the date on which the loan will mature. Loan is taken on November 7 for 120 days.

Q: A 90-day note is signed on October 21. The due date of the note is: ◇ January 19 ◇ January 21 O…

A: For finding due date of note, we have to start 90 days from date on which note is signed.

Q: Calculate the amount of interest that the following note will earn (for the life of the note).…

A: Total Interest earned on note = Face value of note x rate of interest x No. of days / 360

Q: Prepare journal entries to record the following transaction: Ikeo Inc. sold $100,000 of gift cards…

A: Introduction:- Basic information as follows under:- Journal entry means records a business…

Q: Problem #1. You have a Visa credit card account with a 26.49% annual percentage rate calculated on…

A: Credit card is a payment card on which charges are made on credit rather than cash.

Q: TO: Bill Bugnay FROM: M. Lasker Please make the GST Remittances (nomally monthly) to the Receiver…

A: A General Journal is the first place where data is recorded, and every page in the item features…

Q: Mar. 9) The company completed a $10,400 project for a client, who must pay within 30 days. Note:…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

please answer within 30 minutes..

Cullumber Industries had the following inventory transactions occur during 2022:
Feb. 1, 2022
Mar. 14, 2022
May 1, 2022
Purchase
Purchase
O $2097
O $5370
O $6554
$2423
Purchase
Units
112
200
132
Cost/unit
$45
$47
$49
The company sold 323 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating
expenses of $1908, what is the company's after-tax income using LIFO? (rounded to whole dollars)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

You loan a friend $200 and are repaid $120 at the end of the first month and $30 at the end of each month for the next three months. What is your rate of return?
SOLVE STEP BY STEP IN DIGITAL FORMAT dont use excel, dont use IA 5.28 Find the amount of 18 payments that the anesthetist Joaquín Murillo must make at the beginning of each bimonthly period, if the amount he deposits bimonthly is $1,985. The interest is 15% per year, compounded bimonthly.
Peg Gasperoni bought a $50,000 life insurance policy for $190 per year. Ryan Life Insurance Company sent her the following billing instructions along with a premium plan example: "Your insurance premium notice will be mailed to you in a few days. You may pay the entire premium in full without a finance charge or you may pay the premium in installments after a down payment and the balance in monthly installments of $50. The finance charge will be added to the unpaid balance. The finance charge is based on an annual percentage rate of 18%." If the total policy premium is: $190 290 390 And you put down: Finance Charge $50.00 70.00 95.00 The balance subject to finance charge will be: $140.00 220.00 295.00 $ 4.96 The total number of monthly installments ($30 minimum) will be: Peg feels that the finance charge of $4.35 is in error. a. What is the actual finance charge for the first three months? Note: Round your answer to the nearest cent. 3 5 6 The monthly installment before adding the…
Data table T Plan A: Pay $0.09 per minute of long-distance calling. Plan B: Pay a fixed monthly fee of $18 for up to 300 long-distance minutes and $0.06 per minute thereafter (if she uses fewer than 300 minutes in any month, she still pays $18 for the month). Plan C: Pay a fixed monthly fee of $23 for up to 480 long-distance minutes and $0.05 per minute thereafter (if she uses fewer than 480 minutes, she still pays $23 for the month).
Direct Call offers a calling plan that charges $5.00 per month plus $0.02 per minute of call time. Under this plan, what is your monthly cost if you talk for a total of 200 minutes? Select one: O O A. $(1.00) B. $5.00 C. $9.00 D. $4.00
am.101.
You have a Visa credit card account lemi with a 24.99% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your credit card balance on June 1 was $252. On June 8th you made a $109 purchase. You made another purchase, a $75 gift card, on June 18th. You made a $100 payment on June 28th. Show your work for all parts of the problem. (a) What is the average daily balance for July? (b) What is your finance charge on the account as of July 1st? (c) What is your new credit card balance?
PLEASE SHOW ALL WORK You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate the last day of the discount period. The discount period ends 100 days (10 + 90 = 100) after the date of the invoice. February 5 is day 36.