Question
The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material...
The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $1 per unit 3 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,300 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,600 units. These units had a material cost of $5, labor of $6, and overhead of $4 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 14,200 units during the last six months of the year at $20 each, what is its gross profit? Gross profit b. What is the value of ending inventory? Ending inventory
Answers
Rate positively ..
qty rate Amt Beginning inventory 3300 6 19800 December production 12600 15 189000 208800 Under LIFO Cost of goods sold will be based on inventory last produced . Cost of goods sold = qty rate Amt December production 12600 15 189000 Beginning inventory 1600 6 9600 COGS 198600 Ans a) Computation of gross profit Sales = 14200*20 284000 COGS= 198600 Gross profit 85400 Ans b) Ending inventory = 208800-198600 10200
Similar Solved Questions
2 answers
The school auditorium has 8 rows of seats, divided into 3 sections
The school auditorium has 8 rows of seats, divided into 3 sections. Each section has 15 seats. Which one the following would be the correct way to figure out the total number of seats? a. 8x15 b. 8x3x15 c. 3x3x8 d. 8x3 Isn’t this an error? I think the answer would be 3x15…it doesn&rsquo...
1 answers
Exercise 10-17 Algo ength of life between two brands of refmgerators, Brand A and Brand B....
Exercise 10-17 Algo ength of life between two brands of refmgerators, Brand A and Brand B. He collects data years) on the longevty of 40 refrnigerators for Brand A and repeats the sampling for Brand B. These data are measured In years. (You may find It useful to reference the a ppropriate table: zta...
1 answers
Income Tax Employment Income - Computation Mr. Aaron is a director of Geo Bhd, a controlled...
Income Tax Employment Income - Computation Mr. Aaron is a director of Geo Bhd, a controlled company, from which he received director's fees of RM120.430 for the year ended 31 December 2020. The following benefits were also provided by the company to Aaron for the year of assessment 2020: a. ...
1 answers
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $5.10 dividend every...
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $5.10 dividend every year, in perpetuity. If this issue currently sells for $80.15 per share, what is the required return? Round to 2 decimal places...
1 answers
Despite its promise to dramatically impact IT, cloud computing raises significant security concerns. What are two...
Despite its promise to dramatically impact IT, cloud computing raises significant security concerns. What are two of the concerns?...
1 answers
Please answer this in python pseudocode. It's an algorithm question. 1. [10 marks] Consider the function...
Please answer this in python pseudocode. It's an algorithm question. 1. [10 marks] Consider the function SumKSmallest(A[0..n – 1), k) that returns the sum of the k smallest elements in an unsorted integer array A of size n. For example, given the array A=[6,-6,3,2,1,2,0,4,3,5] and k=3, the...
1 answers
What are the special considerations for Ear,Eye,Skin,and Endocrine?
What are the special considerations for Ear,Eye,Skin,and Endocrine?...
1 answers
Van and Shapiro formed a partnership. As part of the formation, Van contributed equipment whose cost...
Van and Shapiro formed a partnership. As part of the formation, Van contributed equipment whose cost to her was $60,000, with accumulated depreciation for tax purposes of $36,000. The partnership awarded her $40,000 towards her partnership interest for the equipment. The partnership assumed $10,000 ...
1 answers
Record the transaction Coronado Corporation incurred the following transactions, 1. 2. 3 4. Purchased raw materials...
record the transaction Coronado Corporation incurred the following transactions, 1. 2. 3 4. Purchased raw materials on account $49,700. Raw Materials of $41,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect mat...
1 answers
# Please use Python to do this question. # import turtle to do this question. Write...
# Please use Python to do this question. # import turtle to do this question. Write a function, grade_histogram(t,mu,sigma,n), which uses the turtle module to make a histogram for quiz score data for n = 100 students. First, create the data using gauss(mu,sigma), from the random module. ...
1 answers
An electric field of 244,000 N/C points due west at a certain spot. What are the...
An electric field of 244,000 N/C points due west at a certain spot. What are the magnitude and direction of the force that acts on a charge of -6.95 µC at this spot? magnitude N direction...
1 answers
A 0.1785 g sample of magnesium was burned in an oxygen bomb calorimeter. The total heat...
A 0.1785 g sample of magnesium was burned in an oxygen bomb calorimeter. The total heat capacity of the calorimeter plus water was 5,760 J/C. If the temperature rise of the calorimeter with water was 1.25*C, calculate the enthalpy of combustion(in kJ/mol) of magnesium. Mg(s) + 1/2O2(g) -> MgO(s) ...
1 answers
It is not amino acids side chain The cholesterol molecules associated with the B2-adrenergic receptor orient...
It is not amino acids side chain The cholesterol molecules associated with the B2-adrenergic receptor orient so that their lone hydroxyl is near the inner leaflet edge. This is the only atom in cholesterol with hydrogen-bonding potential. Given the consistency of this orientation, identify the hydro...
1 answers
Delaney purchasedused van for use in its business on January 1, 2017 paid $18,000 for the van Delaney expects the w...
Delaney purchasedused van for use in its business on January 1, 2017 paid $18,000 for the van Delaney expects the won to have a useful 40.000 miles during 2017. 40,000 miles during 2018 9,000 miles in 2010 and 70,000 in 2020, for total expected of 165.000 four years, with an estimated result of $1.5...
1 answers
Given an exponential distribution with 2 = 10, what is the probability that the arrival time...
Given an exponential distribution with 2 = 10, what is the probability that the arrival time is a. less than X=0.1? b. greater than X= 0.1? c. between X = 0.1 and X = 0.2? d. less than X = 0.1 or greater than X= 0.2? a. P(Arrival time < 0.1)= (Round to four decimal places as needed.)...
1 answers
Graph the following parametric equation (provide at least 3 data points). 9) x = 2 cost,...
Graph the following parametric equation (provide at least 3 data points). 9) x = 2 cost, y = 2 sin t, i sts 21...
1 answers
A 50 kg diver in a full layout position, with a total body radius of gyration...
A 50 kg diver in a full layout position, with a total body radius of gyration with respect to her transverse prinicpal axis equal to 0.45 m, leaves a springboard with an angular velocity of 6 rad/s. What is the diver's angular velocity when she assumes a tuck position, reducing her radius of gyr...