Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. following is partial information for the income st

Following is partial information for the income statement of Audio Solutions Company under three different...

60.1K

Verified Solution

Question

Accounting

image

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system: Required 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) Average FIFO LIFO Cost Cost of goods sold Beginning inventory (396 units Purchases (465 units@ $33) Goods available for sale Ending inventory (533 units) S25)$ 9,900$9,900$ 9,900 15,345 15,345 15,345 Cost of goods sold 2. Prepare an income statement through pretax income for each method Sales, 328 units, unit sales price, $54, Expenses, $1,690 Average Cost FIFO LIFO ost of goods sold 3. Rank the three methods in order of income taxes paid (favorable cash flow) FIFO LIFO Average cost

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

You are given the following information:      State of Economy Return on Stock A Return on Stock B   Bear .119 ?.062                Normal .098 .165                Bull .090 .250                 Assume each state of the...

Biology
1.2K views

Once the DNA polymerase reaches the end of a linear chromosome, there is no additional...

Geometry
1.2K views

3 Find the area of the circle shown below 20 5 in

Geometry
1.2K views

A cricket striker hits the ball with an angle of 0 46 and an initial...

Statistics
1.2K views

Given the following information P A 0 65 P B 0 6 P A and...

Algebra
1.2K views

Solve the linear equation Be sure to check your solution m 43 25

Accounting
1.2K views

cost of activities undertaken to support individual profucts or services regardless of thr number of...

Accounting
1.2K views

The Miracle Company had 31,000 units in process on December 31, 2016 which was 80%...

Accounting
1.2K views

Wilson's Meats has fixed costs of $20,500. It charges $4.29 per pound while the variable...

Accounting
1.2K views

A machine was purchased for $5 lakh. The total cost of all machinery inclusive of...

Accounting
1.2K views

The first item appearing on the statement of owner's equity is a.net income b.the ending...

Finance
1.2K views

You just learnt that a distant relative of yours left you with $97,000 which your...