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    arae18's Avatar
    arae18 Posts: 1, Reputation: 1
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    #1

    Nov 3, 2009, 03:53 PM
    using LIFO and FIFO
    Engle Enterprises reports net sales revenue for 2009 to be $595,000, January 1, 2009 inventory at $102,000, net purchases at $370,000, and operating expenses at $155,000. Engle Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 2009, inventory is valued at $89,000. Under FIFO, December 31, 2009, inventory would be valued at $96,700.

    Compute net income for 2009 assuming Engel Enterprises uses:

    a) LIFO to value its ending inventory


    b) FIFO to value its ending inventory
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Nov 5, 2009, 04:06 PM
    Please see the guidelines for posting homework problems:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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