+1-415-315-9853

info@mywordsolution.com

## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with inventory of 8,400 units of its only product. The beginning inventory balance of \$102,000 consisted of the following layers:
3,900 units at \$10 per unit = \$ 39,000
4,500 units at \$14 per unit = 63,000

total \$ 102,000

During the three years 2013-2015 the cost of inventory remained constant at \$16 per unit. Unit purchases and sales during these years were as follows:
purchase sales
2013 38500 40000
2014 51000 54000
2015 40500 42000
problem 1: find out cost of goods sold for 2013, 2014, and 2015.
2: Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.

3: Determine the effects of LIFO liquidation on cost of goods sold and net income for 2013, 2014, and 2015. Cansela's effective income tax rate is 30%.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M947903

Have any Question?

## Related Questions in Accounting Basics

### Moonee ponds 3039max matters is a semi-retired physical

MOONEE PONDS 3039 Max Matters is a semi-retired physical education teacher and is starting a wholesale home gym sales business on the 1st September 2016, he is contributing the following assets and liabilities to commenc ...

### Pat sajork has two drawers one drawer contains three gold

Pat Sajork has two drawers. One drawer contains three gold coins, and the other contains one gold coin and two silver coins. We are allowed to choose one drawer, and we will be paid \$500 for each gold coin and \$100 for e ...

### Airline x depreciates its airplanes over a 15-year period

Airline X depreciates its airplanes over a 15-year period and estimates a salvage value of 10% of the cost of the plane. At the same time, Airline Y depreciates identical airplanes over a 25-year period and estimates a s ...

### Actg5210p assignment-sofias furniture sf makes residential

ACTG5210P Assignment- Sofia's Furniture ("SF") makes residential wet bar equipment from real wood and sells them through three sales outlets. The product line consists of two styles of bar stools, three styles of bar cou ...

### Barriers to critical thinkinginstructions1 refer to kirby

Barriers to Critical Thinking Instructions: 1. Refer to Kirby and Goodpaster (2007), Thinking: An interdisciplinary approach to critical and creative thought, Ch. 2. 2. There are multiple categories of internal barriers ...

### Accounting theory and current issuesassignment

ACCOUNTING THEORY AND CURRENT ISSUES ASSIGNMENT QUESTION Bio-sustainable Feeds (BSF) Ltd., an Australian bio-research firm listed on the Australian Stock Exchange (ASX), has engaged research on sustainable aqua-culture f ...

### Accountingratios1 pick a ratio and describe how it is

Accounting Ratios 1. Pick a ratio and describe how it is figured. Then discuss what this ratio tells us about an organization. Financial Statement Analysis author's Corners Video 2. What are the main objectives of ratio ...

### Contaminated blood culture specimens in the emergency

Contaminated Blood Culture Specimens in the Emergency Department: Making the Business Case for Improving Quality 1. Scenario. As part of an organization-wide performance improvement initiative to address the accuracy and ...

### Accounting information systems assignmentthe processes of

ACCOUNTING INFORMATION SYSTEMS ASSIGNMENT: The processes of selecting an AIS/ERP to make informed decision for investment in an accounting software. Group Assignment Scenario B Bakery is a family owned firm with around 7 ...

### Nbsptask 1 - planning for profit and cost controlobjective

TASK 1 - Planning for profit and cost control Objective - To enable the learner to prepare the budgeted profit statement and undertake cost-volume-profit analysis for decision making Anhad Sdn. Bhd. manufactures car alar ...

• 13,132 Experts

## Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

### A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

### What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

### Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

### Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

### Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate