Find comparative income statements for the company

Assignment Help Cost Accounting

Reference no: EM139748

SVC Corp. sold 6,800 units of its product at $80 per unit in year 2008 and incurred operating expenses of $3 per unit in selling the units. It began the year with 750 units in inventory and made successive purchases of its product as follows:

Jan. 1 Beg. inventory 750 units @ $22 per unit

Feb. 18 Purchase 2,600 units @ $24 per unit

Apr. 16 Purchase 300 units @ $26 per unit

Oct. 8 Purchase 1, 500 units @ $28 per unit

Dec. 21 Purchase 2,200 units @ $30 per unit

__________

Total 7,350 units

Required

Prepare comparative income statements for the company similar to Exhibit 6.8 for the three different inventory costing methods of FIFO, LIFO, and weighted average. Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 30%.

Reference no: EM139748

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