Stewart Company sold 180 units @ $320 each on October 31, 2014. Cash selling and administrative expenses were $15,000. The following information is also available:
The company's income tax rate is 40%.
Required:
a) Determine the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average
b) Determine the amount of ending inventory using:
FIFO
LIFO
Weighted Average
c) Determine the company's net income (after income taxes) using:
FIFO
LIFO
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