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Units Per unit cost Beginning Inventory 200 $ 120.00 $ 24,000.00 30-Jan purchase 130 $ 124.00 $ 16,120.00 12-Mar purchase 220 $ 128.00 $ 28,160.00

Units Per unit cost
Beginning Inventory 200 $ 120.00 $ 24,000.00
30-Jan purchase 130 $ 124.00 $ 16,120.00
12-Mar purchase 220 $ 128.00 $ 28,160.00
Total
Sales 350 $ 320.00 $ 112,000.00
Ending Inventory
FIFO LIFO
Ending Inventory Ending Inventory
Goods Available for Sale Goods Available for Sale
Deduct ending Inventory Deduct ending Inventory
Cost of Goods Sold Cost of Goods Sold
Sales Sales
Cost of Goods Sold Cost of Goods Sold
Gross Profit Gross Profit
Operating Expense $ 24,000.00 Operating Expense $ 24,000.00
Operating Income before tax Operating Income before tax
Income Tax 40% Income Tax 40%
Net Profit Net Profit
Weighted Average
Average Cost
Ending Inventory
Goods Available for Sale
Deduct ending Inventory
Cost of Goods Sold
Sales
Cost of Goods Sold
Gross Profit
Operating Expense $ 24,000.00
Operating Income before tax
Income Tax 40%
Net Profit

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 30th Purchase (cash) 130 units @ $124

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

June 3rd 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

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