Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methodsassuming 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, 316 units; unit sales price, $51; Expenses, $1,5903. Rank the three methods in order of income taxes paid (favorable cash flow).Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.FIFOLIFOAverageCostCost of goods soldBeginning inventory (392 units @ $28)$10,976 $ 10,976 $ 10,976Purchases (464 units @ $36)16,70416,70427,68027,68016,70427,680Goods available for saleEnding inventory (540 units)Cost of goods sold< Required 1Required 2 >

stion by entering ed 2 Required 3 s sold under the FIFO, LIFO, and average cost inventory costing methods. diate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. FIFO LIFO Average Cost 92 units @ $28) $ 10,976 $ 10,976 $ 10,976 @$36) sale 16,704 27,680 16,704 16,704 27,680 27,680 units) Required 1 Required 2 >

stion by entering ed 2 Required 3 s sold under the FIFO, LIFO, and average cost inventory costing methods. diate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. FIFO LIFO Average Cost 92 units @ $28) $ 10,976 $ 10,976 $ 10,976 @$36) sale 16,704 27,680 16,704 16,704 27,680 27,680 units) Required 1 Required 2 >

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period:
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Calculate the goods available for sale for Soros Company, in units and in $ (dollar amounts), given the following facts about their inventory for the period.
Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.