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:
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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