Mathematics, 04.11.2020 03:10 dozsyerra
Johnson Corporation began the year with inventory of 21,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: Purchased 105,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f. o.b. shipping point and freight charges of $0.60 per unit were paid by Johnson. 2,100 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.60 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received. Sales for the year totaled 100,000 units at $19 per unit. On December 28, Johnson purchased 6,100 additional units at $10 each. The goods were shipped f. o.b. destination and arrived at Johnson’s warehouse on January 4 of the following year. 23,900 units were on hand at the end of the year. Required: Determine ending inventory and cost of goods sold at the end of the year. Assuming that operating expenses other than those indicated in the above transactions amounted to $172,000, determine income before income taxes for the year. For financial reporting purposes, the company uses LIFO (amounts based on a periodic inventory system). Record the year-end adjusting entry for the LIFO reserve, assuming the balance in the LIFO reserve at the beginning of the year is $17,200. Determine the amount the company would report as income before taxes for the year under LIFO. Operating expenses other than those indicated in the above transactions amounted to $172,000.
Answers: 3
Mathematics, 21.06.2019 16:30
One of the same side angles of two parallel lines is 20° smaller than the other one. find the measures of these two angles.
Answers: 3
Johnson Corporation began the year with inventory of 21,000 units of its only product. The units cos...
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