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SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 10P

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Need Correct solution. @ General Account

Deluxe Auto Parts holds inventory all over the world. Assume that the
records for one auto part show the following:
Beginning inventory $ 2,20,000
Net purchases
8,00,000
Net sales
11,00,000
Gross profit rate
45%
Suppose this inventory, stored in the United States, was lost in a fire.
Estimate the amount of the loss to Deluxe Auto Parts. Use the gross
profit method.

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Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following: Beginning inventory $ 2,20,000 Net purchases 8,00,000 Net sales 11,00,000 Gross profit rate 45% Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
Use the gross profit method
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Question: Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following: Beginning inventory $220,000 Net purchases Net sales Gross profit rate 800,000 1,100,000 45% Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2022 annual report. (in millions) 2022 2021 Inventories $2,397 3,042 Current assets 30,857 Current liabilities 12,753 LIFO reserve 1,367 Cost of goods sold 16,255 X Your answer is incorrect. Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, eg. 5.12.) Inventory turnover 5.64 eTextbook and Media X Your answer is incorrect. Compute Deere's days in inventory for 2022. (Round days in inventory to O decimal places, eg. 5.) Days in inventory 65 days eTextbook and Media Your answer is partially correct. Compute Deere's current ratio using the 2022 data as presented, and then again after adjusting for the LIFO reserve. (Round answers to 2 decimal places, eg. 5.12:1) Based on data presented: Current ratio 2.42 :1…
Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to $200,000. The net sales for the current period amounted to $150,000. What is the estimated value of the ending inventory at cost using the retail method? Show your work.
How much is the cost of goods sold for the period???
Demolish Co. uses the “cost recovery method” (traditional accounting based on old US GAAP). The records of Demolish Co. show the following information: 20x1 20x2 sales 10,000 15,000 cost of sales 8,000 9,000 cash collection: -from 20x1 sales 7,000 3,000 -from 20x2 sales 12,000 How much is the gross profit recognized by Demolish in 20x2?
1. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application.
Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
2. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.
A woodland furniture trading company sells furniture to its customers. A table that cost ed the company OMR 2,250. This type of table usually sells for OMR 2,895 but it was damaged in a flood and will therefore be sold at a significant discount. It is expected to sell for OMR 1,950 and cost of repair to make it sell is OMR 35. The value of inventory in the books of woodland furniture trading company shall be; I of estion

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