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During 2020, Fresh Express Company sold 2,460 units of its product on September 20 and 2,800 units on December 22, all at a price
During 2020, Fresh Express Company sold 2,460 units of its product on September 20 and 2,800 units on December 22, all at a price of $86 per unit. Incurring operating expenses of $19 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory 560 units @$ 31 per unit Purchases: February 201 May 16 December 11 Total 1,460 units @s 33 per unit 660 units @$ 37 per unit 3,260 units @$ 38 per unit 5,940 units 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.) FRESH EXPRESS COMPANY Income Statement Comparing FIFO and Moving Weighted Average inventory Costing Methods Exr Your Ended necember 31.3030
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