Comparative Condensed Income Statement
I need to know how to do this! Teacher won't help, book is useless. Please?
Howland preparing Comparative Condensed Income statement using FIFO & LIFO.
Inventory
-Beginning (10,000 Units) $22,500
-Ending (20,000 units)
Purchases
-Total Net sales (220,000 units) $862,000
-Total Cost of goods Purchased (230,000 units) 567,500
Quarter--Units---Unit Cost---Total Cost--
1----------60,000----2.30------138,000
2---------50,000-----2.40------120,000
3--------50,000------2.55------127,500
4-------70,000------2.60-------182,000
_________________________________
------230,000-----------------567,500