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Revenue is assumed at 400 @$50.00 20,000 Cost of sales Beginning inventory 100 units @$15.00 110 units @ $18.00 150 units @ $20.00 200 units @$22.50 Purchase of Purchase of Purchase of Ending inventory ??? units @ ??? Gross Profit Operating expenses Earnings before tax $5,000.00 Income tax rate 20% Earnings after tax

Revenue is assumed at 400 @$50.00 20,000 Cost of sales Beginning inventory 100 units @$15.00 110 units @ $18.00 150 units @ $20.00 200 units @$22.50 Purchase of Purchase of Purchase of Ending inventory ??? units @ ??? Gross Profit Operating expenses Earnings before tax $5,000.00 Income tax rate 20% Earnings after tax

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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FIFO/LIFO problem 

Revenue is assumed at 400 @$50.00 20,000 Cost of sales Beginning inventory 100 units @$15.00 110 units @ $18.00 150 units @ $20.00 200 units @$22.50 Purchase of Purchase of Purchase of Ending inventory ??? units @ ??? Gross Profit $5,000.00 Operating expenses Earnings before tax Income tax rate 20% Earnings after tax
Transcribed Image Text:Revenue is assumed at 400 @$50.00 20,000 Cost of sales Beginning inventory 100 units @$15.00 110 units @ $18.00 150 units @ $20.00 200 units @$22.50 Purchase of Purchase of Purchase of Ending inventory ??? units @ ??? Gross Profit $5,000.00 Operating expenses Earnings before tax Income tax rate 20% Earnings after tax
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