Following is partial information for the income statement of Audio Solutions Company under three different...
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Accounting
Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system:
Required:
1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.)
FIFO
LIFO
Average Cost
Cost of goods sold
Beginning inventory (395 units @ $25)
$9,875
$9,875
$9,875
Purchases (465 units @ $33)
15,345
15,345
15,345
Goods available for sale
Ending inventory (544 units )
Cost of goods sold
2/ Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system:
FIFO
LIFO
Average Cost
3. Rank the three methods in order of income taxes paid (favorable cash flow).
Please help me. I can't solve this problem with those data. Could you solve this problemm?
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