Question list Question 13 O Question 14 Question 15 Question 16 Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale K Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a p inventory system.) Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold - FIFO method ending inventory - Quantity 11 7 6 4 Unit Cost Sale Price $ 46 68 $ 91 91 C X Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO - X 2. Woody's uses the FIFO method. Prepare the company's income statement for Window the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Go to Settings to activ

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question list
Question 13
O Question 14
✔Question 15
Question 16.
Data table
Date
Mar 1
Mar 2
Mar 7
Mar 13
Item
Balance
Purchase
Sale
Sale
K
Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers:
(Click the icon to view the data.)
Read the requirements.
Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses perpetual
inventory system.)
Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO.
FIFO method cost of goods sold =
FIFO method ending inventory =
Quantity
11
7
6
4
Unit Cost Sale Price
$
46
68
$
C
91
91
Requirements
1. Determine the amounts that Woody's should report for cost of goods sold and
ending inventory two ways: (Woody's uses a perpetual inventory system.)
a. FIFO
b. LIFO
- X
2. Woody's uses the FIFO method. Prepare the company's income statement for Windows
the month ended March 31, 2021, reporting gross profit. Operating expenses
totaled $330, and the income tax rate was 35%.
Go to Settings to activiswern
Transcribed Image Text:Question list Question 13 O Question 14 ✔Question 15 Question 16. Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale K Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses perpetual inventory system.) Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Quantity 11 7 6 4 Unit Cost Sale Price $ 46 68 $ C 91 91 Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO - X 2. Woody's uses the FIFO method. Prepare the company's income statement for Windows the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Go to Settings to activiswern
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