During December Year 2, Crowe Company sold 125 units @ $225 each. Cash selling and administrative expenses for the year were $11,000. All transactions were cash transactions. The following information is also available:
The company's income tax rate is 30%.
Required:a)Prepare an income statement for Crowe Company for Year 2 assuming:1)FIFO inventory cost flow2)LIFO inventory cost flowb)Prepare the operating activities section of the statement of cash flows for Year 2 assuming:1)FIFO inventory cost flow 2)LIFO inventory cost flow

Question

During December Year 2, Crowe Company sold 125 units @ $225 each. Cash selling and administrative expenses for the year were $11,000. All transactions were cash transactions. The following information is also available:
  The company's income tax rate is 30%.
Required:a)Prepare an income statement for Crowe Company for Year 2 assuming:1)FIFO inventory cost flow2)LIFO inventory cost flowb)Prepare the operating activities section of the statement of cash flows for Year 2 assuming:1)FIFO inventory cost flow 2)LIFO inventory cost flow

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The Answer of During December Year 2, Crowe Company sold 125 units @ $225 each. Cash selling and administrative expenses for the year were $11,000. All transactions were cash transactions. The following information is also available:
  The company's income tax rate is 30%.
Required:a)Prepare an income statement for Crowe Company for Year 2 assuming:1)FIFO inventory cost flow2)LIFO inventory cost flowb)Prepare the operating activities section of the statement of cash flows for Year 2 assuming:1)FIFO inventory cost flow 2)LIFO inventory cost flow

During December Year 2, Crowe Company Sold 125 Units @