# 2024 – Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory The company began 2013 with

Cansela Corporation Uses A Periodic Inventory System And The LIFO Method To Value Its Inventory. The Company Began 2013 With Inventory Of 6,900 Units Of Its Only Product. The Beginning Inventory Balance Of \$105,700 – 2024

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with inventory of 6,900 units of its only product. The beginning inventory balance of \$105,700 consisted of the following layers:

 2,900 units at \$13 per unit = \$ 37,700 4,000 units at \$17 per unit = 68,000 \$ 105,700

 During the three years 2013–2015 the cost of inventory remained constant at \$19 per unit. Unit purchases and sales during these years were as follows:

 Purchases Sales 2013 23,500 24,500 2014 31,000 34,000 2015 25,500 26,900
 Required:
 1. Calculate cost of goods sold for 2013, 2014, and 2015.

 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.

 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2013, 2014, and 2015. Cansela’s effective income tax rate is 45%.

Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.

Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...

#write essay #research paper