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problem: The board of directors of Ichiro Corporation is thinking 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 data 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;                                                   
Make a condensed income statement for the year on both bases for comparative purposes.

 

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922413

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