Please provide this question solution accounting Williamson Corporation acquired two inventory itemsat a lump-sum cost of $40,000. The acquisition included3,000 units of product CF and 7,000 units of product 3B.CF normally sells for $12 per unit and 3B for $4 per unit.If Williamson sells 1,000 units of CF, what amount ofgross profit should it recognize?

Step 1: Define Gross ProfitThe gross profit is the profit before taxes and after deducting all types…

Answered: Williamson Corporation acquired two…

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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Sandhill Corporation acquired two inventory items at a lump-sum cost of $128000. The acquisition included 3240 units of product LF, and 6480 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Sandhill sells 1080 units of LF, what amount of gross profit should it recognize? O $2267. O $32400. O $36720. O $6800.
Sandhill Corporation acquired two inventory items at a lump-sum cost of $62500. The acquisition included 5700 units of knife X001, and 5700 units of knife X002. X001 normally sells for $40 per unit, and X002 for $10 per unit. If Sandhill sells 1200 units of X002. what amount of gross profit should it recognize? (Round percentage value and per unit value to 2 decimal places, eg 52.75) O $9372. $2628. O $12000, O$1200.
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