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Prepare comparative condensed income statements

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Reference no: EM131787719

The management of Tinker Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records show these data.

Inventory, January 1 (10,000 units) mce_markernbsp;34,000
Cost of 121,000 units purchased 477,460
Selling price of 98,400 units sold 747,400
Operating expenses 130,700

Units purchased consisted of 35,700 units at $3.60 on May 10; 59,500 units at $4.00 on August 15; and 25,800 units at $4.30 on November 20. Income taxes are 30%.

(a) Prepare comparative condensed income statements for 2014 under FIFO and LIFO.

Reference no: EM131787719

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