5. Martin Inc. is a wholesaler of office supplies. The activity for supply number 47519...
90.2K
Verified Solution
Link Copied!
Question
Accounting
5. Martin Inc. is a wholesaler of office supplies. The activity for supply number 47519 during October is shown below: Cost $36.00 37.20 Date Oct. 1 7 12 21 22 29 Balance/Transaction Inventory Purchase Sales Purchase Sales Purchase Units 2,000 3,000 3,600 4,800 3,800 1,600 38.00 38.60 If Martin Inc. uses a LIFO periodic inventory system, the ending inventory of supply number 47519 at October 31 is reported as A) $150,160 B) $152,960 C) $146,400 D) $150,080 6. Lindsey Corporation had the following account balances: Sales revenue Beginning inventory Purchases Sales discounts Purchase discounts Freight-in Ending inventory Purchase returns and allowances $100,000 20,000 40,000 2,000 1,500 500 15,000 1,000 Given this information, and assuming that Lindsey's total operating expenses (exclusive of cost of goods sold) are $20,000, pretax income is A) $57,000 B) $55,000 C) $23,000 D) $35,000 7. During a period of continuing inflation, which inventory cost flow alternative usually results in the highest reported net income? A) LIFO B) Average cost C) FIFO D) All of the above result in the same reported net income
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
