Time remaining: 1:48:54 The following information applies to the questions displ

Question

Time remaining: 1:48:54 The following information applies to the questions displayed below) Beck Inc uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for p roduct 2 Units Unit Cost inventory. December 31. prior year For the current year 000 S 11 Purchase. March 5 Purchase. September 19 Sale (528 each) Sale (530 each) 19,000 10,000 8000 16.000 Operating expenses texcluding income tox expenise) $400000 Required information 10.00 points Required: 1 Prepare a separate income statement through protax income that details cost of goods sold for (a, Case A FIFO and (b) Case B. LIFO(Loss amounts should be indicated with minus sign.) BECK INC.

Explanation / Answer

Ending inventory FIFO (12000 units)

Ending inventory LIFO (12000 units)

1. Income statement

2.

Latest purchase; Sep 19
10000 units x $5 $50000 Next latest purchase; Mar 5
2000 units x $9 18000 Cost of ending inventory $68000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.