ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units June 11 June 15 June 19 June 23 June 26 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units June 28 Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.
ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units June 11 June 15 June 19 June 23 June 26 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units June 28 Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:ZZ Company employs a periodic inventory system and sells its
inventory to customers for $39 per unit. ZZ Company had the
following inventory information available for June:
Beginning inventory 1,100 units @ $22.10 cost per unit
Purchased 3,400 units @ $16.40 cost per unit
Sold 3,000 units
Purchased 1,300 units @ $33.60 cost per unit
Sold 1,200 units
June 19
June 23
Purchase 3,700 units @ $20.70 cost per unit
Sold 3,600 units
June 26
June 28 Purchased 2,500 units @ $28.20 cost per unit
June 1
June 6
June 11
June 15
During June, ZZ Company reported operating expenses of $18,000
and had an income tax rate of 36%.
Calculate the amount of net income shown on ZZ Company's income
statement for June using the FIFO method.
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