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Bay Corp. sold 6,550 units of its product at $65 per unit




Question;2.;value:15;points;Bay Corp. sold 6,550 units of its;product at $65 per unit in year 2009 and incurred operating expenses of $6;per unit in selling the units. It began the year with 850 units in inventory;and made successive purchases of its product as follows;Jan.;1;Beginning inventory;850;units;@ $19 per unit;Feb.;20;Purchase;1,700;units;@ $21 per unit;May;16;Purchase;1,100;units;@ $22 per unit;Oct.;3;Purchase;800;units;@ $24 per unit;Dec.;11;Purchase;3,600;units;@ $25 per unit;Total;8,050;units;Required;Prepare comparative income;statements for the three inventory costing methods of FIFO, LIFO, and;weighted average. Include a detailed cost of goods sold section as part of;each statement. The company uses a periodic inventory system, and its income;tax rate is 35%.(Round per unit costs to 3 decimal places. Round;your answers to the nearest dollar amount. Enter all amounts as positive;values. Omit the "$" sign in your response.);BAY;CORP.;Income Statements Comparing FIFO, LIFO, and Weighted Average;For Year Ended December 31, 2009;FIFO;LIFO;Weighted;Average;Sales;$;$;$;Cost of goods sold;Inventory, Dec. 31, 2008;Cost of purchases;Cost of goods available for sale;Inventory, Dec. 31, 2009;();();();Cost of goods sold;Gross profit;Expenses;Income before taxes;Income taxes expense;Net income;$;$;$


Paper#40198 | Written in 18-Jul-2015

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