Following is partial information for the income statement of Arturo Technologies Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 550 units; unit sales price, $60; Expenses, $1,500 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. FIFO Average Cost Cost of goods sold Beginning inventory (650 units @ $30) Purchases (650 units @ $20) Goods available for sale Ending inventory (750 units) Cost of goods sold $ LIFO 19,500 $ 19,500 $ 13,000 13,000 19,500 13,000

Following is partial information for the income statement of Arturo Technologies Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 550 units; unit sales price, $60; Expenses, $1,500 3. Rank the three methods in order of preference based on income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. FIFO Average Cost Cost of goods sold Beginning inventory (650 units @ $30) Purchases (650 units @ $20) Goods available for sale Ending inventory (750 units) Cost of goods sold $ LIFO 19,500 $ 19,500 $ 13,000 13,000 19,500 13,000

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Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1OYO

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