Hopkins Company reported the following information related t…

Hopkins Company reported the following information related to inventory and sales:   Units Unit Cost Beginning inventory 1,000 $20 Purchase Number 1 7,000 22 Purchase Number 2 2,000 23 Purchase Number 3 1,000 19 During the year, 6,000 units were sold at $30 per unit.   What is the value of amount of Cost of Goods Sold if FIFO is utilized? Do not enter decimals.

Assume this fact pattern for questions 9 – 15 A company is a…

Assume this fact pattern for questions 9 – 15 A company is an industry which is receiving a lot of public scrutiny. Politicians are complaining that companies in the industry are extremely profitable and should be taxed at a higher rate. The company has argued that these are only “paper” profits, and pointed to the fact that their inventory acquisition costs have been soaring. However, to defray some of the negative publicity, the company wants to appear less profitable.   Indicate how this strategy will affect net income: Reacquire outstanding shares of stock (treasury stock).

Tunis Company purchased a van for $45,000. The estimated use…

Tunis Company purchased a van for $45,000. The estimated useful life of the van is 5 years or 80,000 miles, and the salvage value is $5,000. Actual mileage driven in the first year was 20,000 miles, 15,000 in the second year, and 8,000 in the third year. The company sells the van at the end of the third year for $10,000. Which methods will result in a gain at the time of sale?