Solution-Compute cost of goods sold under the fifo method

Compute cost of goods sold under the fifo method

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Reference no: EM133182703

Question - Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,050 units at $37; purchases, 7,900 units at $39; expenses (excluding income taxes), $194,000; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,290 units; sales price per unit, $78; and average income tax rate, 30 percent.

Required -

1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.

Reference no: EM133182703

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Compute cost of goods sold under the fifo method

Reference no: EM133182703

Reference no: EM133182703

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