Chapter7Handout - Gross Profit 38,000 Operating expenses...

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Quincy Company Income Statement (FIFO) For the year ended Dec of current year Sales Revenue 108,000 Cost of goods sold 79,000 Gross profit 29,000 Operating expenses 20,000 Pretax income 9,000 Income tax expense 2,700 Net income 6,300 Quincy Company Income Statement (LIFO) For the year ended Dec of current year Sales Revenue 108,000 Cost of goods sold 70,000
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Unformatted text preview: Gross Profit 38,000 Operating expenses 20,000 Pretax income 18,000 Income tax expense 5,400 Net income 12,600 Quincy Company Income Statement (Weighted Average) For the year ended Dec of current year Sales Revenue 108,000 Cost of goods sold 66,000 Gross Profit 42,000 Operating expenses 20,000 Pretax income 22,000 Income tax expense 6,600 Net income 15,400...
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