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Flint Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Purchases

Flint Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information:

Purchases

Cost of Goods Sold

Ending Inventory

Date

Units

Cost

Total

Units

Cost

Total

Units

Cost

Total

Oct.

2

8,700

$ 12

$ 104,400

8,700

$ 12

$ 104,400

15

14,500

16

232,000

[1]

[2]

[3]

[4]

[5]

29

22,200

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.

FIFO

Average

Sales

$ 546,000 $ 546,000

Cost of goods sold

Gross profit

Operating expenses

214,000 214,000

Income before income tax

Income tax expense ( 30%)

Net income

Fill in the missing information in the blanks shown in the partial statement of income above.

FIFO

Average

Sales

$ 546,000

$ 546,000

Cost of goods sold

enter a dollar amount

enter a dollar amount

Gross profit

enter a total amount for the first part

enter a total amount for the first part

Operating expenses

214,000

214,000

Income before income tax

enter a total amount for the second part

enter a total amount for the second part

Income tax expense ( 30%)

enter a dollar amount

enter a dollar amount

Net income

$ enter a total amount

$ enter a total amount

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