fifo and lifo, income statement presentation

Project Description:

the board of directors of oksana corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (fifo) basis of pricing inventories to a last-in, first-out (lifo) basis. the following information is available.

sales 21,000 units @ $63
inventory, january 1 6,000 units @ 25
purchases 6,000 units @ 28
10,000 units @ 31
7,000 units @ 38
inventory, december 31 8,000 units @ ?
operating expenses $250,800

complete the condensed income statement for the year on both bases for comparative purposes.

first-in, first-out

last-in, first-out

sales $ $
cost of goods sold:
inventory, jan. 1 $ $
purchases






cost of goods available
inventory, dec. 31






cost of goods sold





gross profit
operating expenses





net income
$


$
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