The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 201 units. (SHOW YOUR WORK) Jan 1, 2021 Jan 11, 2021 Jan 23, 2021 January 31 Beginning Inventory Purchases Purchases 80 units at $8 65 units at $10 55 units at $12 53 units at $14 Purchases Required: Calculate the cost of the ENDING INVENTORY and the COST OF GOODS SOLD using: a) FIFO b) LIFO c) Prepare an income statement using the FIFO method for inventory valuation. Sales were $5000 and operating expenses were $2,000. The income tax rate is 25%.
The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 201 units. (SHOW YOUR WORK) Jan 1, 2021 Jan 11, 2021 Jan 23, 2021 January 31 Beginning Inventory Purchases Purchases 80 units at $8 65 units at $10 55 units at $12 53 units at $14 Purchases Required: Calculate the cost of the ENDING INVENTORY and the COST OF GOODS SOLD using: a) FIFO b) LIFO c) Prepare an income statement using the FIFO method for inventory valuation. Sales were $5000 and operating expenses were $2,000. The income tax rate is 25%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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