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Following is partial information for the income statement of Audio Solutions Company under three different inventory costing method assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold Beginning inventory (396 units @ $28) Purchases (463 units @ $36) Goods available for sale Ending inventory (530 units) Cost of goods sold $ FIFO LIFO Average Cost 11,088 $ 11,088 $ 16,668 16,668 11,088 16,668

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing method assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold Beginning inventory (396 units @ $28) Purchases (463 units @ $36) Goods available for sale Ending inventory (530 units) Cost of goods sold $ FIFO LIFO Average Cost 11,088 $ 11,088 $ 16,668 16,668 11,088 16,668

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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Please help me with required 1 and 2. 
Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold Beginning inventory (396 units @ $28) Purchases (463 units $36) Goods available for sale Ending inventory (530 units) Cost of goods sold $ FIFO LIFO Average Cost 11,088 $ 11,088 $ 16,668 16,668 C Required 1 11,088 16,668 Required 2 >
Transcribed Image Text:Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Cost of goods sold Beginning inventory (396 units @ $28) Purchases (463 units $36) Goods available for sale Ending inventory (530 units) Cost of goods sold $ FIFO LIFO Average Cost 11,088 $ 11,088 $ 16,668 16,668 C Required 1 11,088 16,668 Required 2 >
Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below.. Required 1 Required 2 Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 Note: Use the COGS amount from Required 1. Required 3 FIFO LIFO < Required 1 Average Cost Required 3 >
Transcribed Image Text:Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below.. Required 1 Required 2 Prepare an income statement through pretax income for each method. Sales, 329 units; unit sales price, $52; Expenses, $1,640 Note: Use the COGS amount from Required 1. Required 3 FIFO LIFO < Required 1 Average Cost Required 3 >
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