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ABC Company sold 10000 shares of stock for $50000 on Jan 1, 2017 On Feb 1, 2017, 1000 units of inventory was purchased at $10

ABC Company sold 10000 shares of stock for $50000 on Jan 1, 2017

On Feb 1, 2017, 1000 units of inventory was purchased at $10 each

On June 1, 2017, 600units of inventory was purchased at $12 each

On Nov 1, 2017, 1000 units of inventory was purchased at $14 each

On Dec 1, 2017, 450 units of inventory were left

ABC Company sold the units at $45 each on average, with no accounts receivables or accounts payable on record

The tax rate is 22% for ABC Company

Compare the following using the FIFO and LIFO method:

COGS

Ending Inventory

Net Income (after tax)

Ending Cash

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