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Requirements 1. Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO?????????????????????? 2. MusicWorlduses
Requirements
1. | Determine the amounts that MusicWorld should report for cost of goods sold and ending inventory two ways: a. FIFO b. LIFO?????????????????????? |
2. | MusicWorlduses the FIFO method. Prepare MusicWorld's income statement for the month ended June 30, 2012 reporting gross profit. Operating expenses totaled $ 330, and the income tax rate was 35%. |
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