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Airida [17]
2 years ago
9

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met

hods, 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, 327 units; unit sales price, $51; Expenses, $1,540 3. Rank the three methods in order of income taxes paid (favorable cash flow

Business
1 answer:
ioda2 years ago
7 0

Answer:

1,2- See attached pictures.

3-

1. LIFO

2. Average

3. FIFO

Explanation:

See attached pictures.

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