WlleyPLUS Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNT (ACCT 21 Gradebook

Question

WlleyPLUS Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNT (ACCT 21 Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN PRINTER VERSION ·BACK Multiple Choice Question 111 Sheffield Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 117 $49 Mar. 14, 2017 Purchase 201 $51 May 1, 2017 Purchase 143 $53 1944, what is the The company sold 330 units at $68 each and has a tax rate of 30%. Assuming that a periodic inventory system is used and operating expenses or s company's after-tax income using FIFO? (rounded to whole dollars) $3380 $3876 $2713 O $2366 Question Attempts: 0 of 2 used SAVE POR LATER SUBIT ANSWER

Explanation / Answer

A)

Calculation of cost of good sold

117 * $49 + 201*$51 +12*$53 = 16620

Gross profit = $22440-$16620=$5820

- operating exp $1944

Net Profit = $3876

- Tax @30% 1162

After tax Income = $2713

B) Calculation of cost of good sold

(34-10*6.70)+(134-34*7.2)+(67-34*7.05)+(67*7.40)

=1609

C)

Sales 301*$149=$44849

Cost of good sold 130*116 + 171*111=34061

Gross profit =10788

- operating exp $2950

Net ptofit before tax =7838

-30% tax

Profit after tax =$5487

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