Cash selling and administrative expenses, Accounting Basics

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:

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  The company's income tax rate is 40%.

Required:

a) Verify the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average

b) Verify the amount of ending inventory using:
FIFO
LIFO
Weighted Average

c) Verify the company's net income (after income taxes) using:
FIFO
LIFO 

 

 

Posted Date: 3/22/2013 5:08:11 AM | Location : United States







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