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Question - Inventories and Cost of Goods Sold
Following is an inventory acquisition schedule for Hogwarts Corp. for 2019:
Units
Units Cost
Beginning Inventory
4000
$20
Purchases:
February 4
2000
18
April 12
3000
16
September 10
1000
14
December 5
2500
12
During the year, Hogwarts sold 11,000 units at $30 each. All expenses except cost of goods sold and taxes amounted to $60,000. The tax rate is 30%.
Required -
1. Compute cost of goods sold and ending inventory under each of the following three method assuming a periodic inventory system: (a) Weighted Average, (b) FIFO, and (c) LIFO.
2. Prepare income statements under each of the three methods
3. Which method do you recommend so that Hogwarts pays the least amount of taxes during2019? Explain your answer.
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