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Suppose Greg's Tunes, Inc., has the following inventory records for July 2013: Operating expense for July was $1,900.
Date
Item
Quantity
Unit Cost
Sale Price
Jul
1
Beginning inventory
100 units
$ 8
10
Purchase
60 units
9
15
Sale
70 units
$20
21
30
90 units
25
Requirement
1. Prepare the July income statement in multi-step format. Show amounts for FIFO, LIFO, and Average cost. Label the bottom line "Operating income." Show your computations using periodic inventory, using the income statement on page 326 as your guide to compute cost of goods sold.
Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
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