re https //newc Help Save & Ex Required Information The following information ap

Question

re https //newc Help Save & Ex Required Information The following information applies to the questions displayed below The following information pertains to Meson Company for 2018 2 of 3 Beginning investory Onits parchased 40 units $20 320 units$22 Ending Inventory consisted of 60 units. Mason sold 400 units at $44 each. All purchases and sales were made with cash. Operating expenses amounted to $3500. b. What is the amount of net income using FIFO, LIFO, and weighted average? Ignore income tax considerations.) FIFO LIFO Niet income C Prev 0,3 2 5 8

Explanation / Answer

Units Rate Amt Beginning Inventory 140 20 2800 Purchases 320 22 7040 Total Available 460 9,840 Closing Units 60 Unit Sold 400 FIFO: Net Income: Cost of Sales: Units Rate Amt Sales 17600 (400*44) Beginning Inventory 140 20 2800 Less: Cost of Sales 8,520 Purchases 260 22 5720 Less: Operating Ex 3500 400 8,520 Net Income 5,580 LIFO: Net Income: Cost of Sales: Units Rate Amt Sales 17600 (400*44) Purchases 320 22 7040 Less: Cost of Sales 8,640 Beginning Inventory 80 20 1600 Less: Operating Ex 3500 400 8,640 Net Income 5,460 Weighted Av Cost: Net Income: Units Rate Amt Sales 17600 (400*44) Beginning Inventory 140 20 2800 Less: Cost of Sales 8,557 Purchases 320 22 7040 Less: Operating Ex 3500 Total Available 460 21.39 9,840 Net Income 5,543 (9840/460) Units Rate Amt Cost of Sales: 400 21.39 8557

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