Please be 100% sure before you answer this. Very smallexercise. Can someone check if i answered this correct? Ifnot, can you show me the real answer and point out what mistake idid? Also, it shows on the results i have, that the average costgives the highest net income in this case. What is the argument forthat?
I uploaded 2 pictures. One with the question, and theother with the answers i calculated.
And my calculations:
b) Prepare and compare the income statement where the “cost of goods’ are calculated unde FIFO, LIFO and average for the data below: A company account record shows sales of 275 units for revenue of $8.500. Operating expenses for 20×5 was $1.500. Inventory records for 20×5: Units cost unit Total cost Jan 01 Beginventory 50 8 400 Jun 15 Purchase 100 7 700 ug 20 Purchase 150 6 900 Oct 15 Purchase 100 5 500 Show transcribed image text b) Prepare and compare the income statement where the “cost of goods’ are calculated unde FIFO, LIFO and average for the data below: A company account record shows sales of 275 units for revenue of $8.500. Operating expenses for 20×5 was $1.500. Inventory records for 20×5: Units cost unit Total cost Jan 01 Beginventory 50 8 400 Jun 15 Purchase 100 7 700 ug 20 Purchase 150 6 900 Oct 15 Purchase 100 5 500 Asked Jan. 04, 2017
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