Ask Experts Questions for FREE Help !
Ask
    cel1331's Avatar
    cel1331 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 22, 2013, 02:45 PM
    Prepare a comparative condensed income statements for 2014 under FIFO and LIFO
    The management if Weigel Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014 the accounting records show these data.

    Inventory, January 1 (4,000 units) $16,000
    Cost of 105,00 units purchased 470,500
    Selling Price of 100,000 units sold 900,000
    Operating expenses 185,000

    Units purchased consisted of 35,000 units at $4.21 on March 20; 65,000 units at $4.60 on July 24; 5,000 units at $4.83 on December 12. Income takes are 30%

Check out some similar questions!

Comparative Condensed Income Statement [ 0 Answers ]

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

Condensed Income Statements [ 2 Answers ]

How do you get the Cost of Goods Sold for a condensed income statement? I can't seem to understand it.

Prepare comparative condensed income statements under FIFO and LIFO [ 1 Answers ]

Inventories Purchases and Sales Beginning (15,000 units) Total net sales (215,000 units) $870,100 Ending (30,000 units) Total cost of goods purchased $619,000 ...

Managerial accounting condensed income statements [ 1 Answers ]

Atlantic airlines operated both an airline and several motels located near airports. During the year just ended, all motel operations were discontinued and the following operating results were reported; continuing operations (airline) Net sales... $55,120,000 Costs and expenses(including...

View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.