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Question - Big Apple Company's inventory records for year 2013-2014 are as follows:
Year 2013
Number of Units
Cost per Unit
Total Cost
Beginning Inventory
2,300
$2.60
$5,980
First purchase
3,100
2.75
8,525
Second purchase
3,600
2.85
10,260
Third purchase
2,900
2.95
8,555
Fourth purchase
2,400
3.10
7,440
Goods available for sale
14,300
$40,760
Units sold during the year
11,000
@5.50
Year 2014
3,300
2,600
8,060
9,610
3.25
7,800
1,900
3.45
6,555
13,300
12,000
@5.80
Required -
a. Compute the cost of ending inventory and cost of goods sold for 2013 and 2014, using the following inventory costing methods:
(1) FIFO
(2) LIFO
(3) Weighted Average
b. Assuming a corporate income tax rate is 40 percent and switching from FIFO to LIFO to reduce its income tax expense, calculate the tax savings or tax loss this would have made for the year of 2013 and 2014.
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