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Compute the net income, using FIFO and LIFO and the following information: Beginning Inventory 26,000 units @ $25.00 Purchases (new inventory) 26,000 units @ $30.00

Compute the net income, using FIFO and LIFO and the following information:

Beginning Inventory 26,000 units @ $25.00

Purchases (new inventory) 26,000 units @ $30.00

Sales: 26,000 units @ $65.00

Tax Rate: 33%

Total Income before taxes: $51,500

Total Income after taxes: $34,505

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