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