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Question 3 (1.5 points) Margherita & Co. distributes ovens to bake pizza in the British market that have been previously imported from an Italian manufacturer.
Question 3 (1.5 points) Margherita & Co. distributes ovens to bake pizza in the British market that have been previously imported from an Italian manufacturer. The company uses a periodic inventory system. The following data corresponds to 2021: Purchases Sold Inventory Dec 31, 2020 80 @ 4.1 = 328 Jan 7, 2021 80 @ 4.3 = 344 Feb 28, 2021 110 @ 6.15 = 677 May 19, 2021 60 @ 4.4 = 264 Jun 12, 2021 60 @ 6.25 = 375 Dec 2, 2021 40 @ 4.45 = 178 Dec 8, 2021 50 @ 6.55 = 328 Required: (Solve this exercise on the ANSWER SHEET) With the previous information prepare a comparison of Income Statements for the year ended, by filling the corresponding table from the ANSWER SHEET, contrasting FIFO, LIFO and Weighted-Average inventory valuation methods. Assume that "Other Expenses" for the year are 250, and the applicable income tax rate is 20%. (0.5 points for each method)
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