The following information pertains to Indiana Inc.:12 items in beginning inventory20 items purchased9 items purchased·10 items sold1/1/20222/28/20226/15/202212/20/2022Cost per item $12.50Cost per item $12.60Costperitem $12.75Sold for $40.00 per itemOperating expenses for 2022 were $130. What was net operating income for 2022 assuming the companyuses LIFO to account for inventory costs?Answer without using any dollar signs or commas. Round to TWO DECIMALS (i.e. 98.99)

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Description: The following information pertains to Indiana Inc.:12 items in beginning inventory20 items purchased9 items purchased·10 items sold1/1/20222/28/20226/15/202212/20/2022Cost per item $12.50Cost per item $12.60Costperitem $12.75Sold for $40.00 per item

Net operating income means the amount of income earned by the entity after deducting the operating…

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The following information pertains to Indiana Inc.: 12 items in beginning inventory 20 items purchased 9 items purchased 10 items sold 1/1/2022 2/28/2022 6/15/2022 12/20/2022 Operating expenses for 2022 were $130. What was net operating income for 2022 assuming the company uses LIFO to account for inventory costs? Answer without using any dollar signs or commas. Round to TWO DECIMALS (i.e. 98.99) Cost per item $12.50 Cost per item $12.60 Cost per item $12.75 Sold for $40.00 per item

The following information pertains to Indiana Inc.: 12 items in beginning inventory 20 items purchased 9 items purchased 10 items sold 1/1/2022 2/28/2022 6/15/2022 12/20/2022 Operating expenses for 2022 were $130. What was net operating income for 2022 assuming the company uses LIFO to account for inventory costs? Answer without using any dollar signs or commas. Round to TWO DECIMALS (i.e. 98.99) Cost per item $12.50 Cost per item $12.60 Cost per item $12.75 Sold for $40.00 per item

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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(b) Your answer is correct. Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) (c) 2020 86.9 days eTextbook and Media 2021 121.7 days 2022 125.9 days Attempts: unlimited Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2%.) Gross profit rate eTextbook and Media Save for Later 2020 % 2021 % 2022 Attempts: unlimited Submit Answer
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