6MID summary (similar to) Suppose a division of California Instruments incorporated computer microchips has these inventory records for January 2018 Click the icon to view the inventory records The company's accounting records show 450 units were sold for revenue of $9,000 Operating performuary was $2,200 Read the Requirement. Prepare the company's January, multistap income valement Calculate income using the UFO, average cost and FIFO methods Label the bottom line 'Operwing income Round the average cost per un to vedel places and some fures to whole-dollar amount Show your computations Begin by preparing the income statement using UFO, en average and finally FIFO Cool Requirements California Instruments incorporated Income Statement for Microchip Month Ended January 31, 2018 Data Table 1. Prepare the company's January, multi come statement. Calcule income using the UFO, avo-cost and FIFO methods Label the bottom LIFO in 'Operwing income." Rond the average cost per unit to three decimal Sales revenue places and all other figures to whole-colar amounts Show your computation Date Hem Quantity Unit Cost Total Cost 2. Suppose you are the financial vicepresident of California Instruments which Cost of goods sold inventory method will you use your motive is to Jan 1 Beginning inventory 100 units 15 $ 2.700 Gross proft minime income taxes? 5 Purchase 70 units 17 1,190 b. report the highest operating income? Operating expenses 21 Purchase 200 units 17 3400 6. report pering income between the extremes of FIFO and LFO? Operating income 27 Purchase 90 units 18 1,620 dreport inventory on the balance sheet at the most current cou? .. attain the best measure of net income for the income statement State the reason for each of your answers Print Done Enter any number in the edit fields and then click Chec Print Done Clear All 6MID summary (similar to) Suppose a division of California Instruments incorporated computer microchips has these inventory records for January 2018 Click the icon to view the inventory records The company's accounting records show 450 units were sold for revenue of $9,000 Operating performuary was $2,200 Read the Requirement. Prepare the company's January, multistap income valement Calculate income using the UFO, average cost and FIFO methods Label the bottom line 'Operwing income Round the average cost per un to vedel places and some fures to whole-dollar amount Show your computations Begin by preparing the income statement using UFO, en average and finally FIFO Cool Requirements California Instruments incorporated Income Statement for Microchip Month Ended January 31, 2018 Data Table 1. Prepare the company's January, multi come statement. Calcule income using the UFO, avo-cost and FIFO methods Label the bottom LIFO in 'Operwing income." Rond the average cost per unit to three decimal Sales revenue places and all other figures to whole-colar amounts Show your computation Date Hem Quantity Unit Cost Total Cost 2. Suppose you are the financial vicepresident of California Instruments which Cost of goods sold inventory method will you use your motive is to Jan 1 Beginning inventory 100 units 15 $ 2.700 Gross proft minime income taxes? 5 Purchase 70 units 17 1,190 b. report the highest operating income? Operating expenses 21 Purchase 200 units 17 3400 6. report pering income between the extremes of FIFO and LFO? Operating income 27 Purchase 90 units 18 1,620 dreport inventory on the balance sheet at the most current cou? .. attain the best measure of net income for the income statement State the reason for each of your answers Print Done Enter any number in the edit fields and then click Chec Print Done Clear All
