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During December Year 1, Crowe Company Sold 125 Units @

Question 55

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During December Year 1, 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:
 Beginning inventory 60 units @ $100 April 18 purchase 90 units @ $115 August 5 purchase 30 units @ $120\begin{array}{ll}\text { Beginning inventory } & 60 \text { units @ } \$ 100 \\\text { April } 18 \text { purchase } & 90 \text { units @ } \$ 115 \\\text { August } 5 \text { purchase } & 30 \text { units @ } \$ 120\end{array}
The company's income tax rate is 30%.
Required:Prepare an income statement for Crowe Company for Year 1 assuming:
FIFO inventory cost flow
LIFO inventory cost flowPrepare the operating activities section of the statement of cash flows for Year 1 assuming:
FIFO inventory cost flow
LIFO inventory cost flow

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