FINISH THE FOLLOWING BLANK AREAS Unitscost per unitSales price per unitBeginning inventory70$ 60.00 purchase 3/27185$ 68.00 purchase 4/23240$ 78.00 total sales377 141 Operating expenses under each method 17,000 income tax expense under each method21% of income before taxesFIFOunits$$LIFOunits$$weighted Average units$$ Beginning inventory70$ 4,200.00Beginning inventory70$ 4,200.00Beginning inventory70$ 4,200.00 purchases425 purchases425 purchases425 available495 available495 available 495 ending inventory ending inventory ending inventory CGS377 CGS377 CGS 377 Available in $$ Available in units unit price

Introduction Inventory is considered as current asset of company and referred to goods and services…

Answered: FINISH THE FOLLOWING BLANK AREAS…

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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FINISH THE FOLLOWING BLANK AREAS
	Units	cost per unit	Sales price per unit
Beginning inventory	70	$ 60.00
purchase 3/27	185	$ 68.00
purchase 4/23	240	$ 78.00
total sales	377		141

Operating expenses under each method		17,000
income tax expense under each method	21% of income before taxes
FIFO	units	$$	LIFO	units	$$	weighted Average		units	$$
Beginning inventory	70	$ 4,200.00	Beginning inventory	70	$ 4,200.00	Beginning inventory	70	$ 4,200.00
purchases	425		purchases	425		purchases	425
available	495		available	495		available		495
ending inventory			ending inventory			ending inventory
CGS	377		CGS	377		CGS		377
Available in $$
Available in units
unit price

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