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please help in finding the ending inventory and the missing figures Problem 6-04A a-b The management of Waterway Inc. is reevaluating the appropriateness of using
please help in finding the ending inventory and the missing figures
Problem 6-04A a-b The management of Waterway Inc. is reevaluating the appropriateness of using its present inventory cost flow metho 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data: Inventories Beginning (7,000 units) Ending (17,000 units) $28,000 Purchases and Sales Total net sales (180,000 units) Total cost of goods purchased (190,000 units) $1,107,000 846,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 50,000 $4.20 $210,000 40,000 4.35 174,000 40,000 4.50 180,000 60,000 4.70 282,000 190,000 $846,000 Operating expenses were $145,000, and the company's income tax rate is 40%. Your answer is partially correct. Try again. Prepare comparative condensed income statements for 2020 under FIFO and LIFO. WATERWAY INC. Condensed Income Statements For the Year Ended December 31, 2020 FIFO L IFO TSales Revenues 1107000 1 107000 Cost of Goods Sold 1 T Beninning Inventory 28000 L ennol VILU Help Sen ADUNCIL ENT RESOURCES odules Condensed Income Statements For the Year Ended December 31, 2020 FIFO s Revenues 1107000 L IFO 107000 ent: Part 3 how ndise inventory in the financial ents) -OSA a-bi A&A al-az am 5.0 cise 184 FRS177 Cost of Goods Sold Beginning Inventory T Cost of Goods Purchased Scoru w Results by Study 846000 Cost of Goods Available for Sale 1 874000 74000 T Ending Inventory 1 Cost of Goods Sold Tross Profit (Loss) - Operating Expenses - Income before Income Taxes Income Tax Expense The income /(L ) LINK TO TEXT Type here to searchStep by Step Solution
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