Transactions

a$.$ Inventory, Beginning

For the year:

b$.$ Purchase, April $11$

c$.$ Purchase, June $1$

d$.$ Sale, May $1($sold for $$47$ per unit$)$

e$.$ Sale, July $3($sold for $$47$ per unit$)$

f$.$ Operating expenses $($excluding income tax expense$),$ $$18,700$

Required:

Calculate the number and cost of goods available for sale.

Calculate the number of units in ending inventory.

Compute the cost of ending inventory and cost of goods sold under $($a$)$ FIFO and $($b$)$ LIFO

Prepare an income statement that shows under the FIFO method and LIFO method

Which inventory costing method minimizes income taxes?

Complete this question by entering your answers in the tabs below.

Required $1$

Required $4$

Required $5$

Prepare an Income Statement that shows under the FIFO method and LIFO method.