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Determine the amount of cost of goods sold using fifo, lifo

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Reference no: EM1342604

Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available:

Beginning inventory   30 units @ $180

Feb 3 purchase          60 units @ 190

June 2 purchase         70 units @ $220

OCT 1 purchase          40 units @ 230
  

The company's income tax rate is 40%.
Required:

a) Determine the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average
b) Determine the amount of ending inventory using:
FIFO
LIFO
Weighted Average
c) Determine the company's net income (after income taxes) using:
FIFO
LIFO 

Reference no: EM1342604

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