I need to know for LIFO, average, and FIFO. 6MID_summary (similar to) Question...
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I need to know for LIFO, average, and FIFO.
6MID_summary (similar to) Question Help Suppose a division of New York Instruments Incorporated that sells computer microchips has these inventory records for January 2018: EEB (Click the icon to view the inventory records.) The company's accounting records show 420 units were sold for revenue of S10,500. Operating expense for January was $3,100. Read the requirements. Requirement 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. Begin by preparing the income statement using LIFO, then average, and finally FIFO cost. New York Instruments Incorporated Income Statement for Microchip Month Ended January 31, 2018 LIFO Data Table Date tem Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Quantity Unit Cost Total Cost Jan 1 Beginning inventory 160 units 7 1,120 780 2,800 1,200 6 Purchase 21 Purchase 27 Purchase 60 units 200 units 80 units 13 14 15 PrintDone Enter any number in the edit fields and then click Check
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I need to know for LIFO, average, and FIFO.