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Please answer with detail 4.Prepare an Income Statement that shows the FIFO method, LIFO method and weighted average method. 5. Which inventory costing method minimizes
Please answer with detail 4.Prepare an Income Statement that shows the FIFO method, LIFO method and weighted average method. 5. Which inventory costing method minimizes income taxes?
Oion Iren Corp. tracke the number of units purchased and gold thrcughout each year but appies its ivenlary slng iod al e en of the year, as i il uses a periadic invery syslen Assuie ils acuntirg records provited the falkwing fomaion a tha e af thr arrual accouning perian Deoamer 31 Unts Cost 200 512 9. Inventory, Beginning Far Uhe year b. Purhase April 11 r. Purchas, June 1 d. Sele, May 1 (sold for $45 par unit e. Ssle, July 3 (scld for $45 per unlt) . Operaling expenees (excluding income tax experise), 518,000 450 13 400 Required: 1. Calculate the number and custoguods avaiable for sale. Number of Goods Avalable for Sale urits Coet or Goode Awai able for Sale Calrilan the numbar of units in enring inwenbary. unis 3. Camputn the rnst of andirg invenory and cost of gands sod unrar (a) FIFO, () LIFO, and ) waightnd everage ost (Do not round Intermedlate calculations, Round your final answers to the nearest dollar amount.) Cost of Ending Cost of G Sold Weighind Avengr CastStep by Step Solution
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