Shawn Company had 294 units in beginning inventory at a total cost of $29,400. The company purchased 588 units at a total cost of $82,320. At the end of the year, Shawn had 221 units in ending inventory.
The cost of the ending inventory $. _____FIFO, LIFO______$, AVERAGE-COST______$
The cost of goods sold $_____FIFO, LIFO______$, AVERAGE-COST______$
Which cost flow method would result in the highest net income?
Which cost flow method would result in inventories approximating current cost in the balance sheet?
Which cost flow method would result in Shawn paying the least taxes in the first year?