Question
Stewart Company sold 180 units @ $320 each on October 31, 2014. Cash selling and administrative expenses were $15,000. The company's income tax rate is
Stewart Company sold 180 units @ $320 each on October 31, 2014. Cash selling and administrative expenses were $15,000. The company's income tax rate is 40%. The following information is also available:
beginning inentory 30 units @180
Feb 3 purchase 60 units @190
June 2 purchase 70 units @220
Oct 1 purchase 40 units @230
a) Determine the amount of cost of goods sold using: FIFO LIFO Weighted Average
b) Determine the amount of ending inventory using: FIFO LIFO Weighted Average
c) Determine the company's net income (after income taxes) using: FIFO LIFO
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