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urrent Attempt in Progress - Your answer is partially correct. The management of Sunland Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (13,500 units) Cost of 115.000 units purchased $47,250 119.700

urrent Attempt in Progress - Your answer is partially correct. The management of Sunland Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (13,500 units) Cost of 115.000 units purchased $47,250 119.700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress Your answer is partially correct. The management of Sunland Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (13,500 units) Cost of 115,000 units purchased Selling price of 100,000 units sold Operating expenses Sales Revenue Cost of Goods Sold Units purchased consisted of 32,000 units at $3.70 on May 10, 61,000 units at $3.90 on August 15, and 22,000 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Beginning Inventory $ 47,250 Fack of Faada Driebaced 448,700 765,000 125,000 Sunland Inc. Condensed Income Statements For the Year Ended December 31, 2025 $ FIFO 765,000 47,250 440 700 $ LIFO 765,000 47.250 0700
Transcribed Image Text:Current Attempt in Progress Your answer is partially correct. The management of Sunland Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2025, the accounting records show these data. They use the periodic inventory system. Inventory, January 1 (13,500 units) Cost of 115,000 units purchased Selling price of 100,000 units sold Operating expenses Sales Revenue Cost of Goods Sold Units purchased consisted of 32,000 units at $3.70 on May 10, 61,000 units at $3.90 on August 15, and 22,000 units at $4.20 on November 20. Income taxes are 28%. (a) Prepare comparative condensed income statements for 2025 under FIFO and LIFO. Beginning Inventory $ 47,250 Fack of Faada Driebaced 448,700 765,000 125,000 Sunland Inc. Condensed Income Statements For the Year Ended December 31, 2025 $ FIFO 765,000 47,250 440 700 $ LIFO 765,000 47.250 0700
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