Reference no: EM132220919
Problem - On January 20X1 Three Sheets to the Wind corp. was incorporated by Calculator who of course with a name like that, owns all the common shares. His original investment was $105 000. Transactions over the subsequent 3 years were -
January 02, 20X1 - Purchased 25 units for resale at $5,100 each.
Throughout 20X1 - Sold 14 units for an average of $8,100 each.
December 31 20X1 - Remaining eleven units have a selling market value of $6,100 each.
July 15 20X2 - Bought five units for resale at $7,100 each.
Throughout 20X2 - Sold thirteen units at an average of $12.200 each.
December 31 20X2 - Remaining three units have a selling market value of $10,100 each.
Throughout 20X3 - Sold all three remaining units at $9,100 each.
Assume a FIFO inventory
1. Calculate accounting income, based on transactions for 20X1 through 20X3.
2. Calculate economic income, based on events or changes in value for 20X1 through 20X3.
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