What is the gross profit for the year on these general accounting question? Weston Supplies had the following inventory transactions in 2023:DateTransaction Units Cost per UnitJan. 10, 2023Mar. 20, 2023Purchase 60 $40Purchase 90$42Purchase70$44Jul. 5, 2023During the year, Weston sold 180 units at $60 per unit. The company uses a periodicinventory system and applies the FIFO method. The tax rate is 30%.What is the gross profit for the year?

Step 1: Definition of Gross ProfitGross Profit is the difference between net sales and the cost of…

Answered: Weston Supplies had the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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Similar questions

Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
.Eneri Company's inventory records show the following data: Units Unit Cost Inventory January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.00 A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. What is the cost of goods available for sale? $169,200 $325,000 $178,000 $206,000
Coronado Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 O $163700. O $35720. O $162900. O $164300. Save for Lator Units Unit Cost 7 9900 8600 6100 $8.80 A physical inventory on December 31 shows 3900 units on hand. Coronado sells the units for $11 each. The company has an effective tax rate of 22%. Coronado uses the periodic inventory method. Under the LIFO method, cost of goods sold is 8.00 7.00 6 55° AQI 66 somo's izzeria States Attempts: 0 of 1 used Wil Submit Answer El Pueblo Mexican Restaurant, LLC
Waterway Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 8600 9.00 November 8 6200 6.00 A physical inventory on December 31 shows 4000 units on hand. Waterway sells the units for $13 each. The company has an effective tax rate of 20%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?
Vaughn Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 9500 9.00 November 8 6400 5.00 A physical inventory on December 31 shows 4100 units on hand. Vaughn sells the units for $15 each. The company has an effective tax rate of 20%. Vaughn uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used? $2470 additional taxes $2676 tax savings $3444 additional taxes $2676 additional taxes

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