Question: Please answer C to E only the FIFO, LIFO and average cost cost flow assumptions. Which of the following cost flow assumptions above will yield
Please answer C to E only
the FIFO, LIFO and average cost cost flow assumptions. Which of the following cost flow assumptions above will yield the highest gross profit for the income statement in Part A and explain why? Include the preparation of the income statement through gross profit for all three methods. Which of the following cost flow assumptions above will yield the lowerst ending inventory for the balance sheet? and explain why? Complete the Perpetual Schedule for LIFO and Average Cost applying the facts above. Comput the income statement through the gross profit for Perpetual Lifo and Perpetual Avg. Cost Explain the reason for the differnces in the computation of the ending inventory and gross profit in Part A and B for LIFO and Average Cost compared to the ending inventory and gross profit using the perpetual inventory syatem. (Show all of your work on the workpaper provided for this assignment). the FIFO, LIFO and average cost cost flow assumptions. Which of the following cost flow assumptions above will yield the highest gross profit for the income statement in Part A and explain why? Include the preparation of the income statement through gross profit for all three methods. Which of the following cost flow assumptions above will yield the lowerst ending inventory for the balance sheet? and explain why? Complete the Perpetual Schedule for LIFO and Average Cost applying the facts above. Comput the income statement through the gross profit for Perpetual Lifo and Perpetual Avg. Cost Explain the reason for the differnces in the computation of the ending inventory and gross profit in Part A and B for LIFO and Average Cost compared to the ending inventory and gross profit using the perpetual inventory syatem. (Show all of your work on the workpaper provided for this assignment)
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