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During 2023, Fresh Express Company sold 2,410 units of its product on September 20 and 2,550 units on December 22, all at a price of $81 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory Purchases: February 20 May 16 December 11 Total 510 units @$ 26 1,410 units @$ 28 610 units @$ 32 3,210 units @$ 33 5,740 units per unit. per unit per unit per unit Required: Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a perpetual inventory system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "Cost per unit" to 2 decimal places. Round the final answers to nearest dollar.)

During 2023, Fresh Express Company sold 2,410 units of its product on September 20 and 2,550 units on December 22, all at a price of $81 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory Purchases: February 20 May 16 December 11 Total 510 units @$ 26 1,410 units @$ 28 610 units @$ 32 3,210 units @$ 33 5,740 units per unit. per unit per unit per unit Required: Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a perpetual inventory system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "Cost per unit" to 2 decimal places. Round the final answers to nearest dollar.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2023, Fresh Express Company sold 2,410 units of its product on September 20 and 2,550 units on December 22, all at a price of $81 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory Purchases: February 20 May 16 December 11 Total 510 units @$ 26 per unit 1,410 units @$28 610 units @$ 32 3,210 units @$ 33 5,740 units per unit per unit per unit Required: Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a perpetual inventory system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "Cost per unit" to 2 decimal places. Round the final answers to nearest dollar.) FRESH EXPRESS COMPANY Income Statement Comparing FIFO and Moving Weighted Average Inventory Costing Methods For Year Ended December 31, 2023 FIFO Moving Weighted Average Cost
Transcribed Image Text:During 2023, Fresh Express Company sold 2,410 units of its product on September 20 and 2,550 units on December 22, all at a price of $81 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory Purchases: February 20 May 16 December 11 Total 510 units @$ 26 per unit 1,410 units @$28 610 units @$ 32 3,210 units @$ 33 5,740 units per unit per unit per unit Required: Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a perpetual inventory system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "Cost per unit" to 2 decimal places. Round the final answers to nearest dollar.) FRESH EXPRESS COMPANY Income Statement Comparing FIFO and Moving Weighted Average Inventory Costing Methods For Year Ended December 31, 2023 FIFO Moving Weighted Average Cost
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