Reference no: EM132758107
The management of Swifty Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data.
A a-bInventory, January 1 (11,000 units) $49,500
Cost of 100,000 units purchased 512,000
Selling price of 84,000 units sold 735,000
Operating expenses 140,000
Units purchased consisted of 35,000 units at $4.90 on May 10; 35,000 units at $5.10 on August 15; and 30,000 units at $5.40 on November 20. Income taxes are 30%.
Problem 1: Prepare comparative condensed income statements for 2020 under FIFO and LIFO.
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