FIFO and LIFO accounting.?
Inventory, January 1 5,000 $9.00
Purchases: June 18 4,500 8.00
November 8 3,000 7.00
A physical inventory on December 31 shows 2,000 units on hand. W.B. Reindeer sells the units for $12 each. The company has an effective tax rate of 20%. Reindeer uses the periodic inventory method.
Under FIFO method, December 31 inventory is valued at
What is the cost of goods available for sale?
Under lifo method cost of goods sold is?
The wheighted-average cost per unit is?
If the company uses FIFO what is the gross profit for the period?
What is the difference in taxes if LIFO rather than FIFO is used?
Please show how you got your answers, thanks in advance!