The Following Data Was Obtained from the Records of Brankovich

question 140

Essay

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.)

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