Explore BrainMass

Inventory Method - Congo Co.

I am having a bit of difficulty figured this problem out. I shall post it below and if I could have assistance figuring out the comparative condensed income statements that would be wonderful. Thank you in advance for your assistance.

(See attached file for full problem description)


Solution Summary

The solution explains the effect of LIFO and FIFO methods on net income, gross profit and cash flows for Congo Co.