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The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first out (FIFO) basis of pricing inventories to a last-in, first out (LIFO) basis. The following information is available.
Sales
21,400 units
$70
Inventory, Jan 1
6,620 units
28
Purchases
6,350
units
31
10,400
35
7,180
42
Inventory, December 31
9,150
?
Operating Expenses
280, 200
Prepare a condensed income statement for the year on both bases for comparative purposes.
How do i Solve COGS for FIFO and LIFO on the income statement?
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