Please do not provide answer in image formate, thank you. Computing and Analyzing a LIFO LiquidationChide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFOeffective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis.Beginning inventory (Base layer of LIFO-January 1)Inventory purchases during 2020Total available for saleSales (valued on a LIFO basis) from:PurchasesBase inventory layerTotalEnding inventory (December 31, 2020)Units Unit Cost36,000810,000$1.00$1.25846,000$0810,00018,000828,00018,000$1.25$1.00What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate?Note: Indicate a loss with a negative sign.

Total units available for sale = 846,000 Number of units sold = 828,000 Ending inventory = 18,000…

Answered: What is the LIFO liquidation after-tax…

What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please do not provide answer in image formate, thank you.

Computing and Analyzing a LIFO Liquidation
Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO
effective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis.
Beginning inventory (Base layer of LIFO-January 1)
Inventory purchases during 2020
Total available for sale
Sales (valued on a LIFO basis) from:
Purchases
Base inventory layer
Total
Ending inventory (December 31, 2020)
Units Unit Cost
36,000
810,000
$1.00
$1.25
846,000
$0
810,000
18,000
828,000
18,000
$1.25
$1.00
What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate?
Note: Indicate a loss with a negative sign.

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