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Hi, can someone please help me fill this chart out with the correct numbers? The last screenshot is just the correct left hand categories for
Hi, can someone please help me fill this chart out with the correct numbers? The last screenshot is just the correct left hand categories for reference but the numbers are for a different problem. Specifically, I do not have FIFO: Costs of Goods Sold, FIFO gross profit, and FIFO pretax income.
! Required information [The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost $ 11 2,940 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($60 each) Operating expenses (excluding income tax expense) 8,900 7,850 10,930 12 17 $187,500 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO Cost of goods sold: Goods available for sale 0 0 Cost of goods sold 1 Case A Case B FIFO LIFO Sales revenue 619590 619590 Cost of goods sold: Beginning inventory 37570 37570 Purchases 276490 276490 Goods available for sale 314060 314060 Ending inventory 164770 122130 Cost of goods sold 149290 191930 Gross Profit 470300 427660 Operating expenses 188500 188500 Pretax income 281800 239160Step by Step Solution
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