Paulson's specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that Paulson's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Paulson's uses a perpetual inventory system.) Start by determining the amounts that Paulson's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that Paulson's should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. Paulson's uses the FIFO method. Prepare the company's income statement for the month ended June 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%. (Round answers to the nearest dollar.) Paulson's Net income Income Statement Month Ended June 31, 2021 Data table Date Jun 1 Jun 2 Jun 7 Jun 13 Item Balance Purchase Sale Sale Print Quantity 18 3 7 6 Unit Cost $ Done 49 64 Sale Price S 115 103 - X X

Paulson's specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that Paulson's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Paulson's uses a perpetual inventory system.) Start by determining the amounts that Paulson's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that Paulson's should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. Paulson's uses the FIFO method. Prepare the company's income statement for the month ended June 31, 2021, reporting gross profit. Operating expenses totaled $340, and the income tax rate was 35%. (Round answers to the nearest dollar.) Paulson's Net income Income Statement Month Ended June 31, 2021 Data table Date Jun 1 Jun 2 Jun 7 Jun 13 Item Balance Purchase Sale Sale Print Quantity 18 3 7 6 Unit Cost $ Done 49 64 Sale Price S 115 103 - X X

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Description: Question is attached in the screenshotthanks for the helpappreciatedi320i42-yi2-ih42-2i Paulson's specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the requiremen

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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