IThe following information applies to the questions displayed below.] The accoun

Question

IThe following information applies to the questions displayed below.] The accounting records of Brooks Photography, Inc., reflected the following balances as of January 1, 2012: Cash Beginning inventory Common stock Retained earnings $16,600 13,195 (145 units $91) 14,400 15,395 The following five transactions occurred in 2012: 1. First purchase (cash) 2. Second purchase (cash) 3. Sales (all cash) 4. Pald $14,550 cash for operating expenses. 5. Pald cash for Income tax at the rate of 30 percent of Income before taxes. 120 units @ $93 200 units @ $101 295 unlts $200

Explanation / Answer

Requirement 1 :

a. FIFO cost flow:

b. LIFO cost flow :

c. Weighted average cash flow:

Requirement 2:

Brook Photography Inc.

Income Statements for the year ended December 31 2012

Balance Sheets as of December 31 2012:

Statement for cash flows for the year ended December 31 2012:

$ Cost of goods sold 27,385 Ending inventory 17,170

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