Question
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provide the
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provide the following information for product 2. Inventory, December 31, year prior 2,930 units, unit cost $11, For the current year purchase, April 11 8800 units at $12 . Purchase June 4 7980 at $17, Sales ( $56 each) 10830 Operating expenses (excluding income tax expense) 189,000. Prepare a separate income statement through that details cost of goods sold for (a)CaseA FIFO and case B LIFO and the difference
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