Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $...
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Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $ 305,000 9,000 $ 296,000 2020 $ 284,000 6.000 $ 278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152.000 195,000 57.000 138,000 $ 158,000 36,000 146,000 182,000 43,000 139,000 $ 139,000 ATC's inventory turnover ratio for 2021 is: 3.21. 2.42. 2.76. None of these answer choices are correct. Nu Company reported the following pretax data for its first year of operations. 2.800 2,500 880 2596 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected What is Nu's net income if it elects LIFO? $240. $288. $480. $180. 820 1,060
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