1. January 30th Purchase (cash) 130 units @ $124

2. March 12th Purchase (cash) 220 units @$128

3. June 3rd Sale (cash) 350 units @$320 Paid $24,000 of operating expenses.

4. Paid cash for income tax at the rate of 40 percent of income before tax.

Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow LIFO cost flow Weighted-average cost flow. Using the following layout.

FIFO

Ending Inventory

Goods Available for Sale

Deduct ending Inventory

Cost of Goods Sold

Sales

Cost of Goods Sold

Gross Profit

Operating Expense

Operating Income before tax

Income Tax (40%)

Net Profit

Weighted Average Cost

LIFO

Ending Inventory

Goods Available for Sale

Deduct ending Inventory

Cost of Goods Sold

Sales

Cost of Goods Sold

Gross Profit

Operating Expense

Operating Income before tax

Income Tax (40%)

Net Profit