Question

The board of directors of Tamarisk Corporation is considering whether or not it should instruct the...

The board of directors of Tamarisk Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available.

Sales 20,200 units @ $58
Inventory, January 1 6,300 units @ 23
Purchases 6,200 units @ 26
10,600 units @ 29
6,300 units @ 35
Inventory, December 31 9,200 units @ ?
Operating expenses $232,000

please explain by step
Prepare a condensed income statement for the year on both bases for comparative purposes.

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Answer #1

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