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Problem - Soupy Sales Company sold 180 units @ $320 each on October 31, 2006. Cash selling and administrative expenses were $15,000. The following information is also available:
Beginning inventory 30 units @ $180
Feb 3 purchase 60 units @ $190
June 2 purchase 70 units @ $220
Oct 1 purchase 40 units @ $230
The company's income tax rate is 40%.
Required:
a) Determine the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average
b) Determine the amount of ending inventory using:
c) Determine the company's net income (after income taxes) using:
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