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

    Oct 2, 2012, 03:54 AM
    Determining A full income statement
    I'm sorry to ask this kind of question, I am an IT student and my accounting subject gave this assignment without any further explanation on how to solve it, so here it goes..

    Given :
    Jan 1 Beginning inventory : 100 units at $80
    Jan 6 purchase : 60 units at $90
    Jan 13 sale : 70 units at $200
    Jan 21 purchase : 150 units at $90
    Jan 24 sale : 210 units at $220
    Jan 27 purchase : 90 units at $100
    Jan 30 sale : 30 units at $250

    Company accounting records reveal that related operating expense for January was $19,000

    Prepare the January income statement using LIFO / FIFO / AVERAGE

    Sales revenue
    Beginning Inventory
    Net purchases
    Cost of goods available for sale
    Ending inventory
    Cost of goods sold
    Gross margin
    Operating expense
    Operating income

    Thank you very much!
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Oct 2, 2012, 04:26 AM
    Sorry but assisting with homework assignments is not our purpose here; however, if you endeavour to do this yourself, we will gladly confirm that your answer is correct.

    If you are an IT student, why are you doing this assignment?
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