Exercise 6-7 Lisa Company had 157 units in beginning inventory at a total cost of...
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Accounting
Exercise 6-7 Lisa Company had 157 units in beginning inventory at a total cost of $18,369. The company purchased 314 units at a total cost of $41,448. At the end of the year, Lisa had 126 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to o decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold (b) which cost flow method would result in the highest net income? (c) Which cost flow method would result in inventories approximating current cost in the balance sheet? (d) Which cost flow method would result in Lisa paying the least taxes in the first year
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