Business, 27.09.2019 03:10 dreamadoreaa

At the beginning of the current period, chen carried 1,000 units of its product with a unit cost of $40. a summary of purchases during the current period follows. during the period, chen sold 2,800 units.

units unit cost cost
beginning inventory 1,000 $ 40 $ 40,000
purchase #1 1,800 44 79,200
purchase #2 800 52 41,600
purchase #3 1,200 58 69,600

which of these three inventory costing methods would you choose to:

1. reflect what is probably the physical flow of goods?
(a) lifo
(b) fifo
(c) average cost

2. minimize income taxes for the period?
(a) lifo
(b) fifo
(c) average cost

3. report the largest amount of income for the period?
(a) lifo
(b) fifo
(c) average cost

Answers: 3

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