Question: please solve the required part 2 E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3 Following is

please solve the required part 2  please solve the required part 2 E7-9 (Algo) Evaluating the Choice
among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3
Following is partial information for the income statement of Audio Solutions Company

E7-9 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Cash Flow Effects LO7-2, 7-3 Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 328 units; unit sales price, $53; Expenses, \$1,630 3. Rank the three methods in order of income taxes paid (favorable cash flow). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Note: Round intermediate calculations to 2 decimal places. Round your answers to the nearest whol (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare an income statement through pretax income for each method. Sales, 328 units; unit sales price, $53; Expenses, $1,630 Note: Use the COGS amount from Required 1

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!