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The Following Data Was Obtained from the Records of Brankovich

Question 11

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The following data was obtained from the records of Brankovich Tool and Die,Inc. ,for the current year:
The following data was obtained from the records of Brankovich Tool and Die,Inc. ,for the current year: The company sold 200 units during the year.Sales for the year are $70,000;operating expenses are $20,000;and the tax rate is 40%. Required: Using the multistep format,prepare the income statement using: 1.FIFO 2.LIFO 3.Average cost (Round all calculations to two decimal places. ) The company sold 200 units during the year.Sales for the year are $70,000;operating expenses are $20,000;and the tax rate is 40%.
Required:
Using the multistep format,prepare the income statement using:
1.FIFO
2.LIFO
3.Average cost (Round all calculations to two decimal places. )

Correct Answer:

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1.FIFO
blured image *Cost of Goods Sold:
(110 × $10...

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