Use the following information to complete this exercise: sales. 1050 units for $12.900; beginning inventory,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Use the following information to complete this exercise: sales. 1050 units for $12.900; beginning inventory, 800 units purchases, 900 units, ending inventory, 650 units, and operating expenses, $6,000, Required: 1. Complete the table for each situation in Situations A and B (costs rising), assume the following: beginning inventory, 800 units at $4 = $3,200 purchases, 900 units at $6 = $5,400. In Situations C and D (costs falling) assume the opposite that is, beginning inventory, 800 units at $6 - $4,800, purchases, 900 units at $4 = $3,600. Use periodic inventory procedures Costs Rising Situation A Situation B FIFO LIFO Costs Falling Situation C Situation D FIFO LIFO $ $ 12,900 12.900 Sales Revenue $ 12,900 $12,900 $ 3,200 5,400 8,600 3.900 0 0 0 0 0 0 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 4.700 8,200 6,000 2.200 660 6,000 6,000 +.000 $ 1.540
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
