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The management of Whispering Winds Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods, For 2022,
The management of Whispering Winds Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods, For 2022, the accounting records show these data. Inventory, January 1 (9.730 units) $35,028 Cost of 109,680 units purchased 435,650 Sales revenue on 90,440 units 813.000 Operating expenses 135,738 Units purchased consisted of 35.330 units at $3.80 on May 10, 61,030 units at $4.00 on August 15, and 13.320 units at $4.30 on November 20. Income taxes are 30% Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to O decimal places, e.g. 5,125) Whispering Winds Corp. Condensed Income Statements eTextbook and Media $ FIFO LIFO
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