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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
Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.
Prepare a new segmented income statement for the company using the above format. Show both amounts and percentages.
Please prepare solutions to the following questions concerning topics covered in the first half of the course
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