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Determine the amount of ending inventory

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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:

FIFO

LIFO

Weighted Average

c) Determine the company's net income (after income taxes) using:

FIFO

LIFO

Reference no: EM131772748

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