Question 4 of 6 View Policies Current Attempt in Progress The management of Felipe Inc....
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Question 4 of 6 View Policies Current Attempt in Progress The management of Felipe Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average cost. The company requests your help in determining the results of operations for 2022 il either the FIFO or the LIFO method tad been used. For 2022, the accounting records show these data: Inventories Purchases and Sales Beginning (7.000 units) $ 14,000 Total net sales( 180,000 units) $ 747.000 Ending ( 17,000 units) Total cost of goods purchased (190.000 units) 466.000 Purchases were made quarterly as follows. Quarter Unit Cost Units 50.000 Total Cost $ 110,000 1 $ 220 2 40,000 235 94,000 3 40,000 2.50 100.000 60,000 2.70 162.000 190,000 S 466,000 Operating expenses were $ 130,000, and the company's income tax rate is 40% F 1 2 764F o Prepare comparative condensed income statements for 2022 under FIFO and LIFO. Felipe Inc. Condensed Income Statements December 31, 2022 FIFO LIFO > > > > > $
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