Business, 08.04.2020 02:09, ShadowPlayer3325
The management of Tamarisk, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following data.
Inventory, January 1 (19,500 units) $87,750
Cost of 195,000 units purchased 1,037,400
Selling price of 156,000 units sold 1,365,000
Operating expenses 132,000
Units purchased consisted of 68,250 units at $5.10 on May 10; 68,250 units at $5.30 on August 15; and 58,500 units at $5.60 on November 20. Income taxes are 30%.
Prepare comparative condensed income statements for 2020 under FIFO and LIFO.
Answers: 1
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