Question

MusicWorld specializes in sound equipment Company records indicate the following data for a line of speakers: Click the icon to view the data.) Read the requirements Requirement 2. MusicWorld uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2018, reporting gross profit. Operating expenses totaled $320, and the income tax rate was 35%. (Round answers to the nearest dollar.) MusicWorld Income Statement Data Table Х Month Ended March 31, 2018 Sales revenue 1989 Cost of goods sold Date Item Quantity Unit Cost Sale Price Gross profit 1626 Mar 1 Balance 12 $ 33 Operating expenses 2 Purchase 71 Income before income tax 1306 7 Sale 457 13 Sale 98 Income tax expenso 363 320 4 s 103 5 849 Net income Print Done Choose from any list or enter any number in the input fields al All parts showing Clear All Final Check

Answer 1

Answer

FIFO Ending Inventory Recent Cost Units Most recent cost Next recent cost Ending Inventory Purchases Opening Balance COGS=Opening+Purchses-Closing 5 Rate 4 $ 71.00 1 $ 33.00 5 Cost 284 33 317 284 396 363 Cost of goods sold under periodic-FIFO: Unit Sold 11 Earliest Cost Units Rate Cost From Opening Balance 11 $ 33.00 363 COGS 363 Sales Revenue (=6*103+5*98) Cost of Goods Sold Gross Profit Operating expenses Income before Income tax Income tax expense @35% Net Income 1108 363 745 320 425 149 276