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: EM133130158

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

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

June 3^rd 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.

Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net income assuming: FIFO cost flow, LIFO cost flow and Weighted-average cost flow.

Reference no: EM133130158

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Compute the cost of goods sold and ending inventory

Reference no: EM133130158

Reference no: EM133130158

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