Calculate A-C A. Calculate the amount of gross profit shown on ABC Company's income statement...
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Accounting
Calculate A-C
A. Calculate the amount of gross profit shown on ABC Company's income statement for May using the LIFO method.
B. Calculate the amount of net income shown on ABC Company's income statement for May using the weighted average method.
C. Calculate ABC Company's inventory turnover ratio for May using the FIFO method.
ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per unit. ABC Company had the following inventory information available for May: May1May3May8May13May18May20May3030Beginninginventory2,000units@$20costperunitPurchased2,400units@$24costperunitSold1,800unitsPurchased2,400units@$30costperunitSold1,700unitsPurchase2,200units@$25costperunitMay24Purchased1,000units@$11costperunit During May, ABC Company reported operating expenses of $113,000 and had an income tax rate of 35%
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