Fifo and Lifo Income Statements
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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.
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Solution Summary
This solution creates a condensed income statement. In it the FIFO and LIFO incomes statements are determined.
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