Essay
The following information is for Choi Company for 2016:
Beginning inventory 120 units @$100
Units purchased 180 units @ $112
Choi sold 250 units for $190 each.
Required:
a)Calculate gross margin assuming Choi uses FIFO,LIFO,Weighted average.
b)Disregarding the effect of income taxes,what would be the dollar amount of difference in net income between FIFO and LIFO?
c)Calculate the 2016 cash flow from operating activities assuming that Choi uses LIFO,FIFO.Again,disregard the effect of income taxes.
Correct Answer:
Verified
a)FIFO
Cost of goods sold = (120 * $100)...View Answer
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Correct Answer:
Verified
Cost of goods sold = (120 * $100)...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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