# p303 6-3B - 1c. FIFO costs costs of good sold 11911 Ending...

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Inventory Begin Balance (73 yards @ \$23per yard) 1679 12284 Purchases: Costs of goods sold No.1 (113 yards @ \$27 per yard) 3051 No.1 (418 yards @ 60 per yard) No.2 (81 yards @ 29 per yard) 2349 N0.3 (167 yards @ 32 per yard) 5344 No.4 (44 yards @ 35 per yard) 1540 Ending Balance 478 yards @ ?) ? 1a. Average cost per unit is 25.6987 Costs of goods sold 10742.0566 Ending inventory 1541.922 1b. LIFO costs Costs of goods sold 12583 Ending inventory 1380

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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.

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p303 6-3B - 1c. FIFO costs costs of good sold 11911 Ending...

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