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Acct Hw 8 - 6-7A d The amount of income tax is less for the...

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Black 1 6-1A: a) LIFO d) FIFO b) FIFO e) average c) FIFO 6-2A: a) 1,200 b) 1,500 c) 1,600 6-3A: a) 39,000 b) 39,250 c) 39,058 6-4A: a) FIFO – 4190, LIFO – 4090, AVG – 3650. b) $100 c) Cash flow is independent of the inventory cost flow method used to calculate the COGS.
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Unformatted text preview: 6-7A: d) The amount of income tax is less for the LIFO method because the COGS is less. e) The income tax expense is greater with the FIFO method, therefore the cash flow recognized is going to be greater than when the LIFO method is used....
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