Question: Harrington Company had the following data for inventory during a

Harrington Company had the following data for inventory during a recent year:
Assume that Harrington uses a periodic inventory accounting system.
Required:
1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold.
2. Which method will produce the most realistic amount for income? For inventory?
3. Which method will produce the lowest amount paid for taxes?

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  • CreatedSeptember 22, 2015
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