Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ending inventory Specific identification $ 2156 FIFO 2388 LIFO $ 1856 e Textbook and Media Attempts: 2 of 3 used (a2) Prepare partial income statements

image text in transcribed

Ending inventory Specific identification $ 2156 FIFO 2388 LIFO $ 1856 e Textbook and Media Attempts: 2 of 3 used (a2) Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identification method assuming: (0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1;550 liters from March 3: 2,900 liters from March 10: 1,300 liters from March 20. (2) FIFO (3) LIFO SWIFTYINC. Income Statement (partial) For the Year Ended December 31, 2022 Specific Identification FIFO LIFO is revenue $ inning inventory chases tof goods available for sale ing inventory tof goods sold ss profit/(Loss) $ Ending inventory Specific identification $ 2156 FIFO 2388 LIFO $ 1856 e Textbook and Media Attempts: 2 of 3 used (a2) Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identification method assuming: (0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1;550 liters from March 3: 2,900 liters from March 10: 1,300 liters from March 20. (2) FIFO (3) LIFO SWIFTYINC. Income Statement (partial) For the Year Ended December 31, 2022 Specific Identification FIFO LIFO is revenue $ inning inventory chases tof goods available for sale ing inventory tof goods sold ss profit/(Loss) $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Build A Cyber Resilient Organization Internal Audit And IT Audit

Authors: Dan Shoemaker, Anne Kohnke, Ken Sigler

1st Edition

1138558192, 978-1138558199

More Books

Students also viewed these Accounting questions

Question

How do informal organizational structures differ from formal ones?

Answered: 1 week ago

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

d. How were you expected to contribute to family life?

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago