During the 2001, Will Co. and Sales sold 180 units @ $320 each. Cash selling and

Question

During the 2001, Will Co. and Sales sold 180 units @ $320 each. Cash selling and administrative expenses were $15,000. Use the below information to get your answer.

Beginning inventory - 30 units @ $180 each

February 3 purchase - 60 units @ $190 each

June purchase - 70 units @ $220 each

October 1 purchase - 40 units @ 230 each

The company's income tax rate is 40%.

Required:

A.Determine the amount of cost of good sold using:

FIFO:

LIFO:

Weighted Average:

B. Determine the company's net income after tax using:

FIFO

LIFO

Explanation / Answer

Weighted Average = $41,400

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