3 (P.6.4.B) The management of Munich Company is revaluating the appropriateness of using its present...
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Accounting
3 (P.6.4.B) The management of Munich Company is revaluating the appropriateness of using its present inventory cost flow method. For 2014, the accounting records show these data: Inventories Purchase and sales Beginning (8.000 units) $16.000 Total net sales (188.000 units) $780.000 Ending (15.000 units) Total costs of good purchase (195.000 unit) $ 480.500 Purchase were made quarterly as follows. Quarter Units Unit Cost ($) Total cost (8) 1 50.000 2.2 110.000 12 40.000 2.4 196.000 45.000 2.5 112.500 60.000 2.7 162.000 Operating expense were $130.000, and the company's income tax rate is 36% Instructions: Prepare the comparative income statement for 2014 under FIFO an average method. Show the computation of ending inventory
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