The management of Ivanhoe Company asks your help in determining the comparative effects of the...
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Accounting
The management of Ivanhoe Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data.
| Inventory, January 1 (9,030 units) | $ 28,896 | |
| Cost of 110,690 units purchased | 396,977 | |
| Selling price of 99,820 units sold | 807,800 | |
| Operating expenses | 123,420 |
Units purchased consisted of 32,690 units at $3.40 on May 10; 61,230 units at $3.60 on August 15; and 16,770 units at $3.90 on November 20. Income taxes are 25%. (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO.
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