Please answer part 3 Units 1,500 $31 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense), $398,000 Cost 7,500 3,500 2,200 6,500 32 34 Required: 1. Calculate the number and cost of goods avallable for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost < Required 2 Required 4 >

Please answer part 3 Units 1,500 $31 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense), $398,000 Cost 7,500 3,500 2,200 6,500 32 34 Required: 1. Calculate the number and cost of goods avallable for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost < Required 2 Required 4 >

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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