Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need help doing this tab, I have no idea what to put. a How many units did we sell? 4,1001000+4000900 Between FIFO and

I just need help doing this tab, I have no idea what to put.

image text in transcribed

a How many units did we sell? 4,1001000+4000900 Between FIFO and LIFO, which method is preferable in terms of maximizing income? Which ones did we sell? FIFO \begin{tabular}{|l|r|r|r|} \hline Beginning Inv & 1,000 & 35 & 35,000 \\ \hline First Purchase & 4,000 & 38 & 152,000 \\ \hline \multicolumn{1}{l|}{ second Purchase } & & & \\ \cline { 1 - 2 } & & & \end{tabular} Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes? How many units remain? \begin{tabular}{|l|r|r|r|} \hline Beginning Inv & 1,000 & 35 & 35,000 \\ \hline Ending Inv & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline b How many units did we sell? & 4,100 & 100035+310038 & 152,800 \\ \hline \end{tabular} Which ones did we sell? \begin{tabular}{|l|l|l|r|} \hline Second Purchase & & & 4,100 \\ \hline First Purchase & & & 4,000 \\ \hline COGS & & & \\ \hline \end{tabular} How many units remain? 9003834,200 Second Purchase LIFO c What is the average cost of one unit? \begin{tabular}{|l|l|r|r|} \hline \multicolumn{1}{c|}{ Units } & \multicolumn{2}{c|}{ Unit Cost } \\ \hline Beginning Inv & & 35 & \\ \hline Purchased & & 38 & \\ \hline & & & \\ \cline { 2 - 5 } & & & \\ \hline \hline \end{tabular} Average Cost How many units did we sell? COGS How many units remain? Ending Inventory \begin{tabular}{|r|r|} & 37.40 \\ \hline 153,350 & \\ \hline & \\ \hline 33,660 \\ \hline \end{tabular}

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_2

Step: 3

blur-text-image_3

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

Debunked An Auditor Reviews The 2020 Election And The Lessons Learned

Authors: Joseph Fried

1st Edition

1645720756, 978-1645720751

More Books

Students also viewed these Accounting questions

Question

Design a training session to maximize learning. page 296

Answered: 1 week ago

Question

Design a cross-cultural preparation program. page 300

Answered: 1 week ago