1. Prepare a separate income statement through pretax income that details cost o

Question

1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO Answer is not complete. BROADHEAD COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Sales revenue $ 563,160 $ 563,160 Cost of goods sold Beginning inventory S 39,200 39.200 Purchases 240,380 240,380 Goods available for sale 279,580 279,580 Ending inventory 144,020 110,120 Cost of goods sold 135,560 169,460 Gross profit Operating expenses

Explanation / Answer

Income statement :

Case A Case B FIFO LIFO Sales revenue 563160 563160 Cost of goods sold Beginning inventory 39200 39200 Purchases 240380 240380 Cost of goods available for sale 279580 279580 Less; Ending inventory 144020 110120 Cost of goods sold 135560 169460 Gross profit 427600 393700 Operating expense 191000 191000 Operating income 236600 202700

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