During December 2016,Crowe Company Sold 125 Units @ $225 Each

question 1

Essay

During December 2016,Crowe Company sold 125 units @ $225 each.Cash selling and administrative expenses for the year were $11,000.All transactions were cash transactions.The following information is also available:
The company's income tax rate is 30%.
Required:

a)Prepare an income statement for Crowe Company for 2016 assuming:
1)FIFO inventory cost flow
2)LIFO inventory cost flow
b)Prepare the operating activities section of the statement of cash flows for 2016 assuming:
1)FIFO inventory cost flow
2)LIFO inventory cost flow

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Definitions:

Stimulus-Response Analysis

The examination of how an individual or organism responds to a specific environmental stimulus.

Intervening Variable

A concept that helps explain the relationship between the independent and dependent variables in an experiment or study.

Laboratory Rats

Rats used in scientific research as models to study human physiology, psychology, disease processes, and the effects of substances.

Motivation

The psychological process that initiates, guides, and maintains goal-oriented behaviors, involving the biological, emotional, social, and cognitive forces that act on or within an individual.