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Preparation of condensed income statement by valuation of inventories with LIFO and FIFO method.
(FIFO and LIFO; Income Statement Presentation) The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available.
Sales
21,000 units @ $50
Inventory, January 1
6,000 units @ 20
Purchases
6,000 units @ 22
10,000 units @ 25
7,000 units @ 30
Inventory, December 31
8,000 Units @ ?
Operating expenses
$200,000
Instructions
Prepare a condensed income statement for the year on both bases for comparative purposes.
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