Solution-Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory

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Reference no: EM133110129

Question - The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20x0:

Beginning Inventory: $190 units @ $120

The following transactions occurred in 20X0:

January 30th Purchase (cash): 230 units @ $124

March 12th Purchase (cash): 180 units @$128

June 3rd Sale (cash): 350 units @$320

Paid $24,000 of operating expenses.

Paid cash for income tax at the rate of 40 percent of income before tax.

Required - Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net income assuming:

FIFO cost flow

LIFO cost flow

Weighted-average cost flow

Reference no: EM133110129

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Compute the cost of goods sold and ending inventory

Reference no: EM133110129

Reference no: EM133110129

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