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Please show how to get each number. Will rate. E8-15 (LO3) (FIFO and LIFO; Income Statement Presentation) The board of directors of Ichiro Corporation is
Please show how to get each number. Will rate.
E8-15 (LO3) (FIFO and LIFO; Income Statement Presentation) The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. 21,000 units $50 6,000 units 20 6,000 units 22 10,000 units 25 7,000 unitsa 30 Sales Inventory, January 1 Purchases Inventory, December 31 8,000 units ? Operating expenses$200,000 Instructions Prepare a condensed income statement for the year on both bases for comparative purposesStep by Step Solution
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