Which of the following is used for the denominator of the current-period cost-to-retail percentage, assuming...
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Accounting
Which of the following is used for the denominator of the current-period cost-to-retail percentage, assuming the LIFO retail method?
Multiple Choice
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None of the other answer choices are correct.
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Beginning inventory.
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Normal spoilage.
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Employee discounts.
Ren Cen Wu Refinery presented the following pretax data for its first year of operations.
| Net sales | 2,870 | ||
| Cost of goods available for sale | 2,440 | ||
| Operating expenses | 700 | ||
| Effective tax rate | 20 | % | |
| Ending inventories: | |||
| If LIFO is elected | 910 | ||
| If FIFO is elected | 1,140 | ||
What is the Refinery's net income if it elects FIFO?
Multiple Choice
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$512.
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$696.
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$1,570.
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$870.
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