The management of Sheffield Corp. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (9,340 units) $ 34,558 Cost of 119,140 units purchased 488,390 Selling price of 95,990 units sold 684,900 Operating expenses 113,080 Units purchased consisted of 35,340 units at $3.90 on May 10; 60,520 units at $4.10 on August 15; and 23,280 units at $4.40 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e. g. 5,125.)

Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e. g.