Inventories (Cost Flow under FIFO, LIFO, and AVCO):Problem:Atkinson Inc. had the following inventory flow in March 2020. It follows a perpetual system of cost flow.DateDescriptionUnit and RateMarch 01Beginning inventory160 units @ $16 each02Purchase380 units @ $17 each08Sales200 units @ $56 each12Purchase100 units @ $19 each20Sales250 units @ $62 each22Sales50 units @ $70 each26Purchase400 units @ $18 each29Sales350 units @ $65 eachPrepare inventory cost flow schedules by following FIFO, LIFO, and AVCO. Also, show a condensed Income Statement assuming Selling and Distribution cost to be $16,000 andAdministrative Expense as $12,000. Consider an Income Tax Rate of 30%.

Name: Inventories (Cost Flow under FIFO, LIFO, and AVCO):Problem:Atkinson In
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Description: Inventories (Cost Flow under FIFO, LIFO, and AVCO):Problem:Atkinson Inc. had the following inventory flow in March 2020. It follows a perpetual system of cost flow.DateDescriptionUnit and RateMarch 01Beginning inventory160 units @ $16 each02Purchase3

There are different methods of inventory valuation and different methods results in different COGS…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PB: DeForest Company had the following transactions for the month. Calculate the ending inventory dollar...

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Inventories (Cost Flow under FIFO, LIFO, and AVCO):
Problem:
Atkinson Inc. had the following inventory flow in March 2020. It follows a perpetual system of cost flow.

Date	Description	Unit and Rate
March 01	Beginning inventory	160 units @ $16 each
02	Purchase	380 units @ $17 each
08	Sales	200 units @ $56 each
12	Purchase	100 units @ $19 each
20	Sales	250 units @ $62 each
22	Sales	50 units @ $70 each
26	Purchase	400 units @ $18 each
29	Sales	350 units @ $65 each

Prepare inventory cost flow schedules by following FIFO, LIFO, and AVCO. Also, show a condensed Income Statement assuming Selling and Distribution cost to be $16,000 and
Administrative Expense as $12,000. Consider an Income Tax Rate of 30%.

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