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Tompkins Company reports the following inventory record for November: Selling, administrative, and depreciation expenses...

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Question

Accounting

Tompkins Company reports the following inventory record for November:
Selling, administrative, and depreciation expenses for the month were $14,800. Tompkins's effective tax rate is 30 percent.
Required:
Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory
system:
2-a. What is the gross profit percentage under the FIFO method?
2.b. What is net income under the LIFO method?
Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month.
Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.90 per unit, what would
Tompkins report on the balance sheet for inventory?
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