8. Why is the vertical filing more scientific? Prove it with fivereasons.
1 answer:
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Answer:
reported as income for all three years is $7,000
Explanation:
given data
cost of the ending inventory = $181,000
market value inventory = $160,000
to find out
Shondee Corporation must add income
solution
we get here Income per year that is
Income per year = (Value under FIFO Method - Value Under Cost Method ) ÷ Number of year ..............................1
put here value we get
Income per year =
Income per year =
Income per year = $7000
so reported as income for all three years is $7,000