Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compare and explain the LCM/NRV effect on each amount in the income statement that was changed in requirement 1. (Decreases should be indicated by a minus sign.) Amount of Increase (Decrease) FIFO Cost LCM/NRV Item Changed Basis Basis Ending Inventory 2$ 131,900 Cost of Goods Sold $ 104,100 Gross Profit Income from Operations $ 122,900 Income Tax Expense $ 36,870 Net Income 2$ 86,030 < Required 1 Required 2
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compare and explain the LCM/NRV effect on each amount in the income statement that was changed in requirement 1. (Decreases should be indicated by a minus sign.) Amount of Increase (Decrease) FIFO Cost LCM/NRV Item Changed Basis Basis Ending Inventory 2$ 131,900 Cost of Goods Sold $ 104,100 Gross Profit Income from Operations $ 122,900 Income Tax Expense $ 36,870 Net Income 2$ 86,030 < Required 1 Required 2
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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