19.Rayon Blimp Company has the following inventory information available from a recent fiscal year:
DateDescriptionUnitsUnit CostTotal Cost
Feb. 1Beginning Inv.20$50$1,000
Ending inventory via year-end physical count totaled 50 units.
Fill in the following table. Show your work in the space provided. Round answers to nearest whole number.
Cost of Goods Sold
20.Gardenias and More Shop had the following acquisitions of inventory during the most recent year:
EventUnitsUnit CostTotal Cost
Beginning Inventory2,000$ 8$ 16,000
During the year, 14,000 units were sold at an average selling price of $36.
a.Determine ending inventory and cost of goods sold assuming the FIFO method is used. Show computations.
b.Determine ending inventory and cost of goods sold assuming the LIFO method is used. Show computations.
c.Determine ending inventory and cost of goods sold assuming the weighted average method is used. Show computations.
21.The 2007 income statement for Lozier Company is shown below:
Cost of goods sold135,780
General and administrative expenses38,920
Income tax expense5,648
a. What was Lozier's gross profit?
b. What was Lozier's income from operations?
c. What was Lozier's income before income tax?
d. What was Lozier's income from continuing operations?
e. What was Lozier's net income?