vickyg
Nov 17, 2011, 08:48 PM
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning Inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 90
3/25 Sales 40 90
3/30 Purchase 40 65
how do I complete comparative income statement using ending inventory valued at FIFO, LIFO and weighted average. Operating expenses total $2,000 , the tax rate is 40%. I can't solve this to save my life, and I always come up with different answers !
Units Unit Cost Units Selling Price/Unit
3/1 Beginning Inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 90
3/25 Sales 40 90
3/30 Purchase 40 65
how do I complete comparative income statement using ending inventory valued at FIFO, LIFO and weighted average. Operating expenses total $2,000 , the tax rate is 40%. I can't solve this to save my life, and I always come up with different answers !