14. During November 2006, Cooper Company sold 120 units $375 cach. Cash selling and administrative...
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14. During November 2006, Cooper Company sold 120 units $375 cach. Cash selling and administrative expenses for the year were $14,000. All transactions are cash transactions. The following information is also available: Beginning inventorya 40 units @ $2000 January 31 purchase 60 units @ $2200 October 30 purchased 40 units @ $2400 - The company's income tax rate is 30%. 4 -- - - Required: *(a) Prepare an income statement for Cooper Company for 2006 assuming: (1.) FIFO inventory cost flow (2.) LIFO inventory cost flow +(b) Prepare the operating activities section of the Statement of Cash Flow for 2006 assuming 1 (1.) FIFO inventory cost flow alignment (2.) LIFO inventory cost flow Difficulty: Hard Learning Objective: 1,25
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