1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial...

 

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1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for December totaled $30,000. Compute Right Now's gross profit for December using each method. 3. Which method will result in the lowest income taxes for Right Now? Why? Which method will result in the highest net income for Right Now? Why? Dec. 3 60 units @ $ 80 each 12 70 units @ $ 82 each 18 60 units @ S 89 each 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for December totaled $30,000. Compute Right Now's gross profit for December using each method. 3. Which method will result in the lowest income taxes for Right Now? Why? Which method will result in the highest net income for Right Now? Why? Dec. 3 60 units @ $ 80 each 12 70 units @ $ 82 each 18 60 units @ S 89 each

Answer rating: 100% (QA)

answers 1 FIFO LIFO W Avg Ending Inventory 11880 9400 10640 Cost of Goods Sold 9400 11880 10640 FIFO ... View the full answer