Calculate the balances of the inventory at the end

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Reference no: EM133433787

Question 1:

Prepare an Income statement of the company at the end of February for each one of the products sold by Julia using the following methods of valuation of the inventory: you can ignore all tax consequences.

a. The average cost method

b.FIFO method and

calculate the balances of the inventory at the end of the month for each valuation method and provide explanations of the calculations.

Question 3:

In order to compare with the records made by her accountant, Julias asks you ti prepare the journal entries for all the purchases and sales of the products using the FIFO method valuation.

Reference no: EM133433787

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