Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. -b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Required: -a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. -b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The following information applies to the questions displayed below.]
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending
inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes),
$194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per
unit, $79; and average income tax rate, 32 percent.
E7-11 Part 1
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your
intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Income Statement
FIFO
LIFO
Average Cost
工
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Transcribed Image Text:The following information applies to the questions displayed below.]
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending
inventory December 31, prior year), 2,050 units at $36; purchases, 7,930 units at $38; expenses (excluding income taxes),
$194,000; ending inventory per physical count at December 31, current year, 1,680 units; sales, 8,300 units; sales price per
unit, $79; and average income tax rate, 32 percent.
E7-11 Part 1
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your
intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Income Statement
FIFO
LIFO
Average Cost
工
4 5
of 9
Next >
< Prev
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