Reference no: EM132087968
Question: Wyatt Company sold 950 of the following product at $240 per unit in year 2016 and inccured operating expenses at $70.00 per unit sold in selling the product. It began the year with 110 units in inventory and made the purchases identified below.
Date Units
Jan 1 Beg Inventory 110 x $78 = $ ____________
Apr 5 Purchase 180 x $81 = $____________
June 17 Purchase 380 x $84 = $____________
Aug 31 Purchase 320 x $86 = $____________
Novem 15 Purchase 60 x $87 = $___________
Totals
Prepare comparative Income statements for FIFO and LIFO. Round all dollar amounts to the nearest dollar. The company uses a Periodic Inventory SYstem and its Income Tax Rate is 20 %.
COSTS
Ending Inventory Goods Sold
FIFO $______________ $_________
LIFO $______________ $_________
Weight Average $______________ $_________
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