P6-7A week 2 Team - 259,000 240,500 Operating expenses...

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UTLEY INC. Condensed Income Statement For the Year Ended December 31, 2008 FIFO LIFO Sales . ........................................................................ $665,000 $665,000 Cost of goods sold Beginning inventory. .................................................... 35,000 35,000 Cost of goods purchased. ............................................. 504,500 504,500 Cost of goods available for sale. .................................. 539,500 539,500 Ending inventory. ......................................................... 133,500 a 115,000 b Cost of goods sold. ........................................................ 406,000 424,500 Gross profit.
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Unformatted text preview: ............................................................................ 259,000 240,500 Operating expenses. ............................................................... 130,000 130,000 Income before income taxes. ................................................. 129,000 110,500 Income tax expense (28%). .................................................... 36,120 30,940 Net income. ............................................................................. $ 92,880 $ 79,560 a (25,000 @ $4.50) + ( 5,000 @ $4.20) = $133,500. b (10,000 @ $3.50) + (20,000 @ $4.00) = $115,000....
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This note was uploaded on 06/20/2011 for the course ACCT 281 taught by Professor Shelburn during the Spring '10 term at University of Phoenix.

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