Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need 1B chart Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the

image text in transcribed just need 1B chart
image text in transcribed
Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending Inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes). $184,500; ending inventory per physical count at December 31, current year, 1,800 units: sales, 8,200 units, sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Required information Required 1A Required 1B Prepare income statements under the FIFO, LIFO, and average cost inventory costit intermediate calculations.) Income Statement FIFO LIFO Sales revenue Cost of goods sold $ 615,000 324,000 $ 615,000 327,600 Average Cost $ 615,000 324,720 291,000 290,280 287,400 | Gross profit Operating expenses income tax expense Pretax income in r Net income

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

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions