Jaffa CompanyQuestion 1First of all before working on the income statement you work first on inventory.To find the closing stock because the inventory system was changed from FIFO to LCMTherfore;ItemQuantityUnit CostUnit MarketA3.0903,44,4B1.5405,43,9C7.1401,93,9D3.2406,44,4Under the lowest cost or market cost (LCM) you pick the lowest cost between total and market costsTherefore under income statement we are going to use direct method in preparing it and ending inventhe changing factorQuestion 2JAFFA COMPANYINCOME STATEMENT (LCM BASISFOR THE YEAR ENDED 31ST ...
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