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

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Question

Accounting

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.)

FIFO LIFO Average Cost
Cost of goods sold
Beginning inventory (395 units @ $25) $9,875 $9,875 $9,875
Purchases (465 units @ $33) 15,345 15,345 15,345
Goods available for sale
Ending inventory (544 units )
Cost of goods sold

2/ 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:

FIFO LIFO Average Cost

3. Rank the three methods in order of income taxes paid (favorable cash flow).

Please help me. I can't solve this problem with those data. Could you solve this problemm?

Answer & Explanation Solved by verified expert
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