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Business, 05.04.2021 23:40 DD8156

Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost
Inventory, December 31, prior year 6,300 $13
For the current year: Purchase, March 5 18,300 11
Purchase, September 19 9,300 7
Sale ($30 each) 8,500
Sale ($32 each) 15,300
Operating expenses (excluding income tax expense) $393,000

Required:
Prepare a separate income statement through pretax income that details cost of goods sold for

a. Case A: FIFO
b. Case B: LIFO.

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Answers: 2

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