Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! Only need answer

image text in transcribed
Please help me complete this.
I have been struggling for quite some time, and mainly I need the answer.
Thank you !
Only need answer d
21) The following data was obtained from the records of XZZ, Inc., for the current year. Sales during the year were 475 units. Jan. 1 Beginning Inventory 100 units at $6 February 1 Purchase 200 units at $9 April 1 Purchase 250 units at $12 July 1 Purchase 60 units at $15 Required:1. Calculate the cost of the ending inventory and Cost of goods sold using: a. FIFO. (10 pts) b.LIFO. (10 pts) c. Average Cost. (round to two decimal points) (10 pts) d. Prepare an income statement. Sales price is $25 per unit and operating expenses are $3,500. No taxes. (8 pts)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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