Solution-Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory

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Question - The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20xx:

Cash $36,000

Beginning Inventory $24,000 (200 units @ $120)

Common Stock $25,000

Retained Earnings $35,000

The following transactions occurred in 20XX:

January 30th Purchase (cash) 130 units @ $124

March 12th Purchase (cash) 220 units @$128

June 3rd Sale (cash) 350 units @$320

Paid $24,000 of operating expenses.

Paid cash for income tax at the rate of 40 percent of income before tax.

Required - Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow, LIFO cost flow and Weighted-average cost flow.

Reference no: EM132520304

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Compute the cost of goods sold and ending inventory

Reference no: EM132520304

Reference no: EM132520304

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