Question

The records of Parker Aviation include the following accounts for inventory of aviation parts at October 31 of the current year:


Requirements
1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods. Round average cost per unit to two decimal places and all other amounts to the nearest whole dollar.
2. Which inventory method would you use to minimize income tax? Explain why this method causes income tax to be thelowest.


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  • CreatedJuly 25, 2014
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