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Ux Bookmarks Dribbble N myNortheastern Blackboard >> Other Bookmark ck my work mode: This shows what is correct or incorrect for the work you have

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Ux Bookmarks Dribbble N myNortheastern Blackboard >> Other Bookmark ck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Required information The following information applies to the questions displayed below.) Broadhead Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: $11 Inventory. December 31, prior year For the current years Purchase, April 11 Purchase, June 1 Sales (958 each) Operating expenses (excluding income tax expense) Units 2.990 8.800 7.820 10,950 14 - $188.000 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for ( Case A: FIFO and (b) Case B:LIFO. Answer is complete but not entirely correct. BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A Case B FIFO LIFO S 635,100 $ 635.100 Sales revenue Cost of goods sold Beginning inventory Purchases $ $ 32,890 188,680 32,890 188,680 Goods available for sale Ending inventory 221,570 129,100 221,570 95,980 - 1 Cost of goods sold Gross profit Operating expenses 92. 470 542,630 188.000 25,590 509,510 188.000 Pretax income $ 354,630 $ 321,510 Check my work Required information The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: ed Units 2,990 Unit Cost $11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($58 each) Operating expenses (excluding income tax expense) 8,800 7,820 10,950 $180,000 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. nces Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory

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