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I need help with my homework. I just had surgery and am really behind. 1. FIFO -LIFO The Inventory Company has provided you with three
I need help with my homework. I just had surgery and am really behind.
1. FIFO -LIFO The Inventory Company has provided you with three months of their inventory and purchases for the last three months: Date July 1 uly 15 uly 29 Aug 11 Aug 30 Sept 14 Item Begin Inventor Purchase Purchase Purchase Purchase Purchase uantit 2,500 3,300 5,500 4,100 6,700 3,900 Unit Price $38 $37 $36 $36 $35 $34 During three months the company sold 18,200 units. Selling price is $78 and the company's tax rate is 32%. Required: A. Complete the worksheet for FIFO, LIFO and the income statement for the above information - similar to the example we completed in class and also posted on the Excel worksheet created during this week's class Example -- Worksheet for FIFO and LIFO Date ItemQtyUnit$Total End Inventor CGS B. Complete the required income statement comparison FIFO LIFO Sales $$ CGS (Cost of Goods Sold Gross Profit Income Tax Profit after Taxes C. Explain which method you would recommend that the company should use and explain the reason for your decisionStep by Step Solution
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