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Question 25
The manager of Weiser is given a bonus based on net income
before taxes. The net income after taxes is $35,700 for FIFO and
$29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%.
How much higher is the manager's bonus if FIFO is adopted
instead of LIFO?
$6,300
$9,000
$1,800
$12,600
Question 26
Classic Floors has the following inventory data:
July 1
Beginning inventory
$6.00
5
Purchases
14
21
Sale
Purchases
30
Sale
15 units at
60 units at $6.60
40 units
30 units at $7.20
28 units
Assuming that a perpetual inventory system is used, what is the
cost of goods sold on a LIFO basis for July?
$348.00