Business, 17.03.2020 03:35 tjgamer12

Transactions Units Unit Cost a. Inventory, Beginning 1,500 $ 31 For the year: b. Purchase, March 5 7,500 32 c. Purchase, September 19 3,500 34 d. Sale, April 15 (sold for $76 per unit) 2,200 e. Sale, October 31 (sold for $79 per unit) 6,500 f. Operating expenses (excluding income tax expense), $398,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes?

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Transactions Units Unit Cost a. Inventory, Beginning 1,500 $ 31 For the year: b. Purchase, March 5 7...

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