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Prepare Partial Income Statement through FIFO, And LIFO Methods
The records of XYZ Restaurant Supply include the following accounts for cases of coffee cups at December 31 of the current year:
Required
1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods. Round average cost per unit to four decimal places.
2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be the lowest.
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petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.
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Ask question #EM201683STE718FACMinimum 100 words accepted#
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