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Category > Management Posted 09 Mar 2018 My Price 6.00

Story Company

Inventory Costing Methods—Periodic System

Story Company’s inventory records for the month of November reveal the following:

Selling and administrative expenses for the month were $16,200. Depreciation expense was

$6,000. Story’s tax rate is 35%.

Required

1. Calculate the cost of goods sold and ending inventory under each of the following three methods

assuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average.

2. Calculate the gross profit and net income under each costing assumption.

3. Under which costing method will Story pay the least taxes? Explain your answer.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Mar 2018 06:03 PM My Price 6.00

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