Stewart Company sold 180 units @ $320 each on October 31,2012.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

Question

Stewart Company sold 180 units @ $320 each on October 31,2012.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

Quizplus · Accepted Answer

The Answer of Stewart Company sold 180 units @ $320 each on October 31,2012.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

Stewart Company Sold 180 Units @ $320 Each on October