The following data was obtained from the records of Brankovich Tool and Die, Inc., for the current year:
The company sold 200 units during the year. Sales for the year are $70,000; operating expenses are $20,000; and the tax rate is 40%.
Required:
Using the multistep format, prepare the income statement using:
1. FIFO
2. LIFO
3. Average cost (Round all calculations to two decimal places.)

Question

The following data was obtained from the records of Brankovich Tool and Die, Inc., for the current year:
  The company sold 200 units during the year. Sales for the year are $70,000; operating expenses are $20,000; and the tax rate is 40%.
Required:
Using the multistep format, prepare the income statement using:
1. FIFO
2. LIFO
3. Average cost (Round all calculations to two decimal places.)

Quizplus · Accepted Answer

The Answer of The following data was obtained from the records of Brankovich Tool and Die, Inc., for the current year:
  The company sold 200 units during the year. Sales for the year are $70,000; operating expenses are $20,000; and the tax rate is 40%.
Required:
Using the multistep format, prepare the income statement using:
1. FIFO
2. LIFO
3. Average cost (Round all calculations to two decimal places.)

The Following Data Was Obtained from the Records of Brankovich