Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 55 units at $12 53 units at $14 Jan 23, 2021 Purchases January 31 Purchases All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?

Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 55 units at $12 53 units at $14 Jan 23, 2021 Purchases January 31 Purchases All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

INVENTORY 1. At the start of the year wellness has 3,000 IV. During the year it buys 5,000 IV. If it sell 4,000 IV, how many are left at the end of the year? INVENTORY 2. Assume your organization has the following inventory changes during the year Beginning Inventory 15 units at $100 March purchases 10 units at $200 June purchases 20 units at $250 Total units used 35 2a. Calculate the value of the ending inventory and the value of the inventory used for the year using the FIFO method of cash flow 2b. Calculate the value of the ending inventory and the value of the inventory used for the year using the LIFO method of cash flow
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the gross profit rate for 2020, 2021, and 2022:
Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
How much is the Output VAT? RTT opt to register to VAT on its 3rd year of operation Beginning Inventory (including vat of 5,005) 250,000.00 Sales (VAT inc) Purchases (VAT Exc) 4,200,000.00 2,500,000.00 450,000 504,000 480,000 Other:
Windsor's Boutique has total receipts for the month of $27510 including sales taxes. If the sales tax rate is 5%, what are Windsor's sales for the month? $26200 $26135 $27510 It cannot be determined.
1
Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590
None
H1. ravis Corporation begins the year with $50,000 of tire inventory. The company purchases tires worth $150,000 during the year. At the end of the year, the purchase cost of remaining inventory is $30,000. What is the cost of goods sold? Multiple Choice
Russell Retail Group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $219,000 Purchase on May 6 139,000 Purchase on September 8 169,000 Purchase on December 4 419,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold
Compute for the income tax due
Calculate the missing information for the following purchases. Sales Tax Excise Sales Excise Tax Rate Rate Tax Tax 5% Item) Selling Price Sofa $750.00 $109.99 6% A/ A/ A/ Please enter $15.12 for total3 0% $0.00 A/ Book 0% $0.00 5% Total Purchase Price A/ A/ 8% Tire A $15.12