Question attacheed in screenshotthank sfor the helpgreatly appreicatedoeipt234p2o3i5po2i35po23i5p2o3i52po5i3po2ip3o5i2p3oi2p Woody'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 Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a perpetualinventory system.)Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO.$$460522FIFO method cost of goods sold =FIFO method ending inventory =Determinie the amounts that Woody's should report for cost of goods sold and ending inventory under b. LIFO.LIFO method cost of goods sold =LIFO method ending inventory = Requirements1. Determine the amounts that Woody's should report for cost of goods sold andending inventory two ways: (Woody's uses a perpetual inventory system.)a. FIFOb. LIFO2. Woody's uses the FIFO method. Prepare the company's income statement forthe month ended March 31, 2021, reporting gross profit. Operating expensestotaled $330, and the income tax rate was 35%.Print- XDoneData tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSalePrintQuantity11764Unit Cost$Done4668Sale Price$9191

Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91

Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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