At January 1, 2016, the accounting records of Ginger€™s Boutique had the following balances:
Cash ........ $1,000
Inventory ....... 2,250 (150 units @ $15)
Common stock ..... 2,000
Retained earnings ... 1,250
During January, Ginger€™s Boutique entered into five cash transactions:
1. Purchased 120 units of inventory @ $16 each.
2. Purchased 160 units of inventory @ $17 each.
3. Sold 330 units of inventory @ $30 each.
4. Incurred $1,700 of operating expenses.
5. Paid income tax at the rate of 30 percent of income before taxes.
Required
a. Set up rows 1 through 10 of the following spreadsheet to compute cost of goods sold and ending inventory, assuming
(1) FIFO,
(2) LIFO, and
(3) Weighted-average cost flows.
Notice that the FIFO cost flow has already been completed for you. Use columns O through W to complete the LIFO and weighted-average cost flow computations. Be sure to use formulas for all calculations.

b. In rows 13 through 31, compute the amount of net income and net cash flow from operations under FIFO, LIFO, and weighted average. The FIFO column has been provided as an example.

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Cost of Goods Available For Sale EIF0 Ending Inventery Unit EIFQ Cost of Goods Sold LIFQ Ending Inventory Unit Total Total Unit Total Unit Total Units Price oUnits Price Cost Price Cost Units Price Cost 4 Beginning Inventory 5 First Purchase (cash) 6 Second Purchase (cash) 7 Total Cost of Goods Available for Sale 430 150 $15 2,250 120 $16 $1,920 160 $17 $2,720 150 15 $2,250 120 $16 $1,920 17$1020 $5.190 100 100 $17$1700 60 $1.700 9 Average Cost 10 $16.02 Check ElCGS 430 Units El +CGS $6890 Total Cost 12 13 14 16 Sales 030 units $30 each) (cash) 9900 16 Cost of Goods Sold 17 Gross Margin 18Operating 19 Income Before Taxes 201 Income Tax Expense (30%) (cash) 903 21 Net Income WEIGHTED Income Statements EIFO LIFO AVERAGE 4710 1,700 3,010 g Expenses (cash) $2,107 23 24 Cash from Operating Activities 25 Cash received from Customers $9900 26 Cash paid for Inventory Purchased (4640) 27 Cash paid for Operating Expenses (1700) 28 Cash paid for Income Taxes 29 Net Cash Flow fromOperating Activities 2,657 0 Beginning Cash 31 Ending Cash Statement of Cash Flows FIFO 1000 $3,657