Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pplease solve all the questions 3m reports follow

PPlease solve all the questions 3M reports following for the month of April. a)...

90.2K

Verified Solution

Question

Accounting

PimagePlease solve all the questions

3M reports following for the month of April. a) For each of the following assumptions, calculate (i) ending inventory, (ii) cost of goods sold & (iii) gross profit. [33] 1. FIFO 2. LIFO 3. Average cost b) Which method gives higher net income? Why? [0.5] c) Which method results in the higher income taxes? Why? [0.5]

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

Hi, I am not able to find the correct steps and answers to solve this problem....

Statistics
1.2K views

4th Grade (Class 1) 4th Grade (Class 2) 12 10 15 12 21 16 21 17 22 17 22 19 22 19 25 22 26 22 27 22 27 27 31 28 32 29 33 29 33 31 36 31 37 31 38 33 41 33 43 37 44 39 45 43 45 43 47 47 55 49 57 57 The collected data is from two 4th grade (All...

Civil Engineering
1.2K views

timber construction industry challenges

Accounting
1.2K views

1)Describe some consequences to a company that makes a poor decision when selecting an ERP system. 2)One...

Basic Math
1.2K views

In order to get characteristic X rays using Mo as a target metal what is...

Algebra
1.2K views

If a family has 6 children in how many ways could the parents have 3...

Accounting
1.2K views

Explain Net Income and COGS data that you will find in a typical...

Accounting
1.2K views

please help me Lancen Corporation uses a joD-order costing system. At...

Accounting
1.2K views

Spencer Company has budgeted sales for the upcoming months as follows: ...

Accounting
1.2K views

\begin{tabular}{|c|c|c|c|c|c|c|} \hline & A & B & C & D & E & F \\...

Accounting
1.2K views

Billie Whitehorse, the plant manager of Travel Free's Indiana plant, is responsible for all of...

Accounting
1.2K views

Planning an audit involves establishing the overall audit strategy for the engagement and developing an...