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QP Corp. sold 5,450 units of its product at $45.50 per unit in year 2015 and incurred operating expenses of $6.50 per unit in selling
QP Corp. sold 5,450 units of its product at $45.50 per unit in year 2015 and incurred operating expenses of $6.50 per unit in selling the units. It began the year with 650 units in inventory and made successive purchases of its product as follows. |
Jan. | 1 | Beginning inventory | 650 units | @ $18.50 per unit |
Feb. | 20 | Purchase | 1,550 units | @ $19.50 per unit |
May | 16 | Purchase | 750 units | @ $20.50 per unit |
Oct. | 3 | Purchase | 450 units | @ $21.50 per unit |
Dec. | 11 | Purchase | 3,350 units | @ $22.50 per unit |
Total | 6,750 units |
Whats the inventory, Dec 31, 2015 (ending inventory) for FIFO, LIFO and Weighted Average?
Whats the income taxes expense for FIFO LIFO and weighted average?
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