Income Statement Units @ FIFO LIFO Wtd Avg
Sales Revenue $70 $0 $0 $0
Cost of Goods Sold
   Beginning Inventory 35 0 0 0
   +Purchases 38 0 0 0
   =Total Available For Sale 0 0 0 0
   -Ending Inventory
   =Cost of Goods Sold 0 0 0 0
Gross Profit $0 $0 $0
Expenses 142000 142000 142000
Pretax Income ($142,000) ($142,000) ($142,000)
   Income Tax Expense -42600 -42600 -42600
Net Income ($99,400) ($99,400) ($99,400)
Sales Units = 10000 available - 1800 ending inventory
Ending Inventory Computation
FIFO 38 0
LIFO 35 0
Wtd Avg 37.4 0