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Wall’s Corp. sold 6,800 units of its product at $80 per unit in year 2008 and earned operating expenses of $3 per unit in selling units. It began the year with 750 units in inventory and made successive purchases of its product as follows:

Jan.   1   Beg. inventory           750 units @ $22 per unit
Feb. 18    Purchase                2,600 units @ $24 per unit
Apr. 16    Purchase                   300 units @ $26 per unit
Oct.  8      Purchase              1, 500 units @ $28 per unit
Dec. 21   Purchase                 2,200 units @ $30 per unit
                                                      __________
             Total                                    7,350 units

problem 1)

Create comparative income statements for company for the three various inventory costing methods of FIFO, LIFO, and weighted average. Include the detailed cost of goods sold section as part of each statement. The company uses the periodic inventory system, and its income tax rate is 30%.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99362

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