Purchase Solution

Fifo and Lifo Income Statements

Not what you're looking for?

Ask Custom Question

I can not figure out how to create a condensed income statement. Please help me. The following information is presented:
Sales 21,000 units @ $50
Inventory January 1 6,000 units @ $20
Purchases 6,000 units @ $22
10,000 UNITS @ $25
7,000 UNITS @ $30
Inventory Dec. 31 8,000 units @ ?
operating expenses $200,000

Prepare a condensed income statement for the year on both bases for comparative purposes. Please help me figure this out.

Purchase this Solution

Solution Summary

This solution creates a condensed income statement. In it the FIFO and LIFO incomes statements are determined.

Solution Preview

Dear student,
A comprehensive solution to your posted problem is provided in the attached Excel file.

The solution ...

Purchase this Solution


Free BrainMass Quizzes
Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.