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Can someone help me answer these? 1) 2) Novak Corp. uses a periodic inventory system. Details for the inventory account for the month of January
Can someone help me answer these?
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2)
Novak Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Balance, 1/1/2017 Purchase, 1/15/2017 Purchase, 1/28/2017 Units 370 180 180 Per unit price $6.0 7 Total $2220 1170 1206 An end of the month (1/31/2017) inventory showed that 290 units were on hand. If the company uses LIFO, what is the value of the ending inventory? The accountant at Metlock, Inc. is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 30% and the FIFO method will result in income before taxes of $15730. The LIFO method will result in income before taxes of $14600. What is the difference in tax that would be paid between the two methods
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