The following data was obtained from the records of Brankovich Tool and Die,Inc.,for the current year:
Round all calculations to two decimal places.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 multiple-step format,prepare the income statement using:
1.FIFO
2.LIFO
3.Average cost

Question

The following data was obtained from the records of Brankovich Tool and Die,Inc.,for the current year:
  Round all calculations to two decimal places.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 multiple-step format,prepare the income statement using:
1.FIFO
2.LIFO
3.Average cost

Quizplus · Accepted Answer

The Answer of The following data was obtained from the records of Brankovich Tool and Die,Inc.,for the current year:
  Round all calculations to two decimal places.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 multiple-step format,prepare the income statement using:
1.FIFO
2.LIFO
3.Average cost

The Following Data Was Obtained from the Records of Brankovich