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Element Company _Perioic Inventory - Income statement




Question;Element Company uses a periodic inventory system. At the end of;the annual accounting period, December 31, 2012, the accounting records;provided the following information for product 2;Units;Unit Cost;Inventory;December 31, 2011;2,940;$;13;For the;year 2012;Purchase;April 11;8,830;11;Purchase;June 1;7,820;16;Sales;($56 each);10,860;Operating;expenses (excluding income tax expense);$;185,000;Required;1.;Prepare a separate income statement through pretax income that;details cost of goods sold for (a) Case A: FIFO and (b) Case B;LIFO.(Input all amounts as;positive values. Omit the "$" sign in your response.)


Paper#39717 | Written in 18-Jul-2015

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