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Does anyone know what I'm missing? Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31,
Does anyone know what I'm missing?
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,070 units at $35; purchases, 7,940 units at $37, expenses (excluding income taxes), $193,900; ending inventory per physical count at December 31, current year, 1,610 units; sales, 8,400 units; sales price per unit, $76; and average income tax rate, 34 percent. Part 1 of 3 16.66 points Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Answer is not complete. Text Complete this question by entering your answers in the tabs below. Reg 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Cost of Goods Sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Units 2,070 7,940 10,010 1,610 Inventory Costing Method FIFO L IFO $ 72,450 $ 72,450 293,780 293,780 366,230 366,230 59,570 56,350 $ 306,660 $ 309,880 Average Cost $ 72,450 293,780 366,230 58,904 $ 307,326 Return to que Required information % Answer is not complete. Part 1 of 3 Complete this question by entering your answers in the tabs below. 16.66 points Reg 1A Req 1B Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Income Statement Average Cost FIFO S 638,400 306,660 Sales revenue Cost of goods sold LIFO $ 638,400 309,880 $ 638,400 307,326 Gross profit Operating expenses 331,740 193,900 328,520 193,900 331,074 193,900 Pretax income Income tax expense 137,840 46,866 134,620 45,771 137,174 46,639 Net income $ 90,974 $ 88,849 $ 90,535Step by Step Solution
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