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[answered] 1’ 8110016: IIICOIIIC compar1sons 21110 COSI HOWS A1 1’.) I


1? 8110016: IIICOIIIC compar1sons 21110 COSI HOWS A1 1?.) Information: QP Corp. sold 4,000 units of its product at $50 per unit in year 2013 and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows. In. | Feb. 20 Mayl? Oct3 Dec.? D Page 267 Required 1. Prepare comparative income statements similar to Exhibit 6.8 for the three inventory costing methods of FIFO, LIFO, and weighted average. (Round all amounts to dollars and cents.) Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its Beginning inventory ........ 700 units @ $|8.00 per unit Pirchase ................. L7G) units @ $|9.00 per unit Purduse ................. 000 units @ $20.00 per unit Purdlase ................. 500 units @ S2l.00 per unit Purchase ................. 2.300 units @ $22.00 per unit Total .................... 6.0?) units income tax rate is 40%. Check (1) Net income: FIFO, $61,200; LIFO, $57,180; WA, $59,196 2. How would the ?nancial results from using the three alternative inventory costing methods change if the Company had been experiencing declining costs in its purchases of inventory? 3. What advantages and disadvantages are offered by using (a) LIFO and (b) FIFO? Assume the continuing trend of increasing costs.
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