Question
During 2020, Fresh Express Company sold 2,430 units of its product on September 20 and 2,650 units on December 22, all at a price
During 2020, Fresh Express Company sold 2,430 units of its product on September 20 and 2,650 units on December 22, all at a price of $83 per unit. Incurring operating expenses of $16 per unit sold, it began the year with and made successive purchases of the product as follows January 1 beginning inventory Purchasesz February 20 May 16 December 11 Total 530 units es 28 per unit 1,430 units @$ 30 630 units es 34 3,230 units es 35 5,820 units per unit per unit per unit Required: Prepare a comparative Income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a perpetual Inventory system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "Cost per unit" to 2 decimal places. Do not Round Intermediate calculations. Round your final answers to 2 decimal places.)
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