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Help needed! This is the full chart it just got cut a bit to fit. I Will leave a thumbs up, thank you! Required information
Help needed! This is the full chart it just got cut a bit to fit. I Will leave a thumbs up, thank you!
Required information Exercise 5-6A Income tax effect of shifting from FIFO to LIFO LO 5-1 (The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company during Year 2: Jan. 1 Apr. 1 Oct. 1 Beginning Inventory Purchased Purchased 800 units @ 2,800 units @ 1,000 units @ $ 35 $ 40 $ 43 During Year 2, Parvin sold 4,200 units of inventory at $95 per unit and incurred $45,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 40 percent income tax rate. Parvin started the period with cash of $83,000, inventory of $28,000, common stock of $58,000, and retained earnings of $53,000. PANVIN VIVIRANT Income Statements For the Year Ended December 31, Year 2 FIFO Cost of goods sold: Cost of goods sold 0 0 0 0 LIFO Cost of goods sold: Cost of goods sold 0 o o . A 0Step by Step Solution
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