Reference no: EM131267741
During November of Year XXXX, Cooper Company sold 120 units of a product for $375 each. Selling and administrative expenses for the year were $14,000. All transactions were cash transactions. The following information is also available about Cooper's inventory and purchases:
Beginning inventory40 units @ $200
January 31 Purchase 60 units @ $220
October 30 Purchase 40 units @ $240
The company's income tax rate is 30%.
Required:
a) Prepare an income statement for Cooper Company for Year XXXX assuming:
1) FIFO inventory cost flow
2) LIFO inventory cost flow
3) Weighted Average cost flow
b) Prepare the operating activities section of the Statement of Cash Flows for 2012 assuming:
1) FIFO inventory cost flow
2) LIFO inventory cost flow
3) Weighted Average cost flow
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