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Element Company _Perioic Inventory - Income statement

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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#76055 | Written in 18-Jul-2015

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