Compute the cost of the ending inventory and the cost of, Ask an Expert

Accounting

Jones Company had 100 units in beginning inventory at a total cost of $10,000.The Company Purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in Ending inventory.

Instructions:

(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost.

(b) Which cost flow method would result in the highest net income?

(d) Which cost flow method would result in Jones paying the least taxes in the first year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430792

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