The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20xx:

Cash	$36,000
Beginning Inventory	$24,000 (200 units @ $120)
Common Stock	$25,000
Retained Earnings	$35,000

The following transactions occurred in 20XX:

January 30^th Purchase (cash) 130 units @ $124

March 12th Purchase (cash) 220 units @$128

June 3^rd Sale (cash) 350 units @$320

Paid $24,000 of operating expenses.

Paid cash for income tax at the rate of 40 percent of income before tax.

Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming:

• FIFO cost flow
• LIFO cost flow
• Weighted-average cost flow

A B C E G H J K Per unit cost Units 1 120.00 $ 24'000.00 2 Beginning Inventory 30.Jan purchase 12.Mar purchase 200 $ 130 $ 124.00$ 16'120.00 3 220 $ 128.00 $ 28'160.00 6 Total 550 7 320.00 112'000.00 8 Sales 350 10 Ending Inventory 11 12 FIFO LIFO 13 14 15 16 Ending Inventory Ending Inventory 17 18 Goods Available for Sale Goods Available for Sale 19 20 Deduct ending Inventory Deduct ending Inventory 21 Cost of Goods Sold Cost of Goods Sold 22 23 Sales Sales 24 Cost of Goods Sold Cost of Goods Sold 25 Gross Profit Gross Profit $24'000.00 26 Operating Expense 27 Operating Income before tax Operating Expense Operating Income before tax Income Tax Net Profit 24'000.00 28 Income Tax 40% 40% 29 Net Profit 30 31 32 Weighted Average 33 Average Cost 34 C A D E F G 30 31 32 Weighted Average 33 Average Cost 34 35 36 Ending Inventory 37 38 39Goods Available for Sale 40 Deduct ending Inventory 41Cost of Goods Sold 42 43 Sales 44 Cost of Goods Sold 45 Gross Profit 46 Operating Expense 47 Operating Income before tax 24'000.00 40% 48 Income Tax 49 Net Profit 50 51