Carbondale Company had the following data available for the last six months:
Operating expenses are $2,000 per month.The income tax rate is 30%.
Required:
1.Compute Cost of Goods Sold for the six months ending June 30 using:
a.FIFO perpetual
b.LIFO perpetual
2.How much will the company save in income taxes if they use LIFO instead of FIFO?
Definitions:
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