Question 10

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Current Attempt in Progress

The management of Kingbird, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.

Inventory, January 1 (14,500 units)		$ 43,500
Cost of 117,000 units purchased		398,000
Selling price of 102,000 units sold		780,000
Operating expenses		124,500

Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and 22,000 units at $3.70 on November 20. Income taxes are 26%. (a) Prepare comparative condensed income statements for 2022 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)

Question 9 View Policies Current Attempt in Progress Concord Corporation had a beginning inventory of 115 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 640 units at $10 580 units at $11 Aug. 12 Dec. 8 450 units at $12 115 units at $13 Concord uses a periodic inventory system. Sales totaled 1,520 units. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost