Required information [The following information applies to the questions displayed below.) Broadhead Company uses a...
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Required information [The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost $ 9 3,000 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 9,000 7,000 10,000 10 15 $195,000 BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Cost of goods sold: Goods available for sale Cost of goods sold
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