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Prepare comparative income statements for both cost formulas

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Question - Sweet Acacia Store uses a perpetual inventory system. Last year they reported the following results.

Sales $1,060,000

Sales returns $18,000

Sales discounts $57,000

Gross profit margin using FIFO 30%

Gross profit margin using weighted average 31%

Operating expenses $239,500

Required - Prepare comparative income statements for both cost formulas.

Reference no: EM133057778

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