MusicYear Question list

Question $1$

Question $2$

Question $3$

MusicYear specializes in sound equipment. Company records indicate the following data for a line of speakers:

$($Click the icon to view the data.$)$

Read the requirements.

Requirement $1.$ Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways: a$.$ FIFO and b$.$ LIFO. $($MusicYear uses a

perpetual inventory system.$)$

Start by determining the amounts that MusicYear should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$

Data table

Qu

Requirements

Determine the amounts that MusicYear should report for cost of goods sold

and ending inventory two ways: $($MusicYear uses a perpetual

inventory system.$)$

a$.$ FIFO

b$.$ LIFO

MusicYear uses the FIFO method. Prepare the company's income statement

for the month ended March $31,2021,$ reporting gross profit. Operating

expenses totaled $$340,$ and the income tax rate was $40\%.$specializes in sound equipment. Company records indicate the following data for a line of$$ speakers:

LOADING...$($Click the icon to view the$$ data.$)$

Read the requirementsLOADING....

Question content area bottom

Part $1$

Requirement $1.$ Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two$$ ways: a$.$ FIFO and b$.$ LIFO. $($MusicYear uses a perpetual inventory$$ system.$)$

Start by determining the amounts that MusicYear should report for cost of goods sold and ending inventory under a$.$ FIFO.

FIFO method cost of goods sold $=$

FIFO method ending inventory $=$