Chapter 16, Problem 2CCTC

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Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 318 units; unit sales price, $52; Expenses, $1,700 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold FIFO LIFO Average Cost Beginning inventory (393 units @ $28) $ Purchases (457 units @ $36) 11,004 $ 11,004 $ 11,004 16,452 16,452 16,452 Goods available for sale Ending inventory…

Klingon cruiseers accounting questions

P11.3 (LO 1, 2, 4) (Accounting for Franchise, Patents, and Trademark) Information concern- ing Sandro Corporation's intangible assets is as follows. 1. On January 1, 2025, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $75,000. Of this amount, $15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000 each, beginning January 1, 2026. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2025, of the 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is $43,700. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Sandro's revenue from the franchise for 2025 was $900,000. Sandro estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine…

P11.2 (LO 1, 2, 4) Excel (Accounting for Patents) Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufac- ture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occa- sionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows. Date 2016-2017 Activity Research conducted to develop precipitator Cost $384,000 Jan. 2018 Design and construction of a prototype 87,600 March 2018 Jan. 2019 Testing of models 42,000 Fees paid engineers and lawyers to prepare patent application; patent 59,500 granted June 30, 2019 Nov. 2020 Engineering activity necessary to advance the design of the precipitator to the manufacturing stage 81,500 Dec. 2021 April 2022 July 2026 Research aimed at modifying the design of the patented precipitator…