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Unformatted text preview: 1c. FIFO costs costs of good sold 11911 Ending inventory 2052 2.LIFO cost are highest becase it is based on the most recent costs and it best calculates the current cost of g 3. Calico corners income statement Sales 25080 Cost of Sales 10742.06 Gross Profit 14337.94 Operating Expenses 8000 Income before tax 6337.94 Income tax expense 2535.18 Net income 3802.76 7079 12284 goods....
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This homework help was uploaded on 04/17/2008 for the course ACG 2021 taught by Professor Hornik during the Spring '08 term at University of Central Florida.
- Spring '08
- Financial Accounting