Woody’s specializes in sound equipment. Company records indicate the following data for a line of speakers:

Requirements

    1. Determine the amounts that Woody’s should report for cost of goods sold and ending inventory two ways:

a. FIFO

b. LIFO

2. Woody’s uses the FIFO method. Prepare the company’s income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%.

Transcribed Image Text:

Sale Price Quantity Unit Cost Date Item Balance. . 2 Mar $46 68 11 Purchase. Sale Sale $91 91 13