Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available:
Beginning inventory 30 units @ $180
Feb 3 purchase 60 units @ 190
June 2 purchase 70 units @ $220
OCT 1 purchase 40 units @ 230
The company's income tax rate is 40%.
Required:
a) Determine the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average
b) Determine the amount of ending inventory using:
FIFO
LIFO
Weighted Average
c) Determine the company's net income (after income taxes) using:
FIFO
LIFO