Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 143,500 $215,000 25.525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total ABCD A 1,650 $2.00 $ 3,300 900 4.50 4,050 2.50 3,640 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525

Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 143,500 $215,000 25.525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total ABCD A 1,650 $2.00 $ 3,300 900 4.50 4,050 2.50 3,640 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525

Name: Sales RevenueCost of Goods SoldBeginning InventoryPurchasesGoods Avai
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Description: Sales RevenueCost of Goods SoldBeginning InventoryPurchasesGoods Available for SaleEnding Inventory (FIFO cost)Cost of Goods SoldGross ProfitOperating ExpensesIncome from OperationsIncome Tax Expense (30%)Net Income$ 22,500121,000$215,000143,50025,5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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