Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $25 $5,500 April 15 purchase 380 30 11,400 April 23 purchase 400 33 13,200 1,000 $30,100

Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $25 $5,500 April 15 purchase 380 30 11,400 April 23 purchase 400 33 13,200 1,000 $30,100

Name: Vaughn Company uses a periodic inventory system. For April, when the
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Description: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information isavailable.UnitsUnit CostTotal CostApril 1 inventory220$25$5,500April 15 purchase3803011,400April 23 purchase4003313.2001.000$30,

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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ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the FIFO method.
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ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
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