Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91
Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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