#1 purchase 100 units $ 50 each

#5 purchase 400 units $ 55 each

#9 sales 420 units $ 85 each

#18 purchase 120 units $ 60 each

#25 purchase 200 units $ 62 each

#29 sales 160 units $ 95 each

ATV Co. began operations on March 1 and uses a periodic inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard. March Wednesday Tuesday Friday Saturday Sunday Monday Legend No Purchases or Sales Purchases Sales 10 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing Compute the gross profit earned by the company for both LIFO and FIFO. 2 The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 The CEO has asked you to help her decide whether to use UFO or FIFO for inventory costing, Compute the gross profit earned by the company for both ur Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods of units Cost per unit of units Date of units Cost per unit Cost per un cost of Goods Sold Cost per unit in ending inventory sol Ending Inventory March 1 March 5 March 18 March 25 Total 100 $ 400 s 120 3 2003 820 50.00 5500 60.00 6200 Available for Sale 5 5.000 22.000 7.2001 12.400 $ 46,600 $ 0 Periodic UFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods of units cast per unit of units Date # of units Cost per unit Cost per unie Cost of Goods Sold Cost per unit In ending Inventory sold Ending Inventory March 1 March 5 March 18 March 25 100 $ 400 $ 120 $ 200 $ 50.00 55.00 50.00 2.00 Available for Sale 5 5.000 22.000 72001 12.400 # of units Cost per unit Cost of Goods Available for # of units Cost per una cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory March 1 5 March 5 100 $ 400 $ 1205 200 $ 820 50.00 55,00 60.00 62,00 March 18 5,000 22,000 7,200 12.400 46,600 March 25 Total Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units Cost per unit Available for Cost per Cost of Goods Date Cost per un sold of units in ending Inventory Ending Inventory Sold Sale March 1 S March 5 100 400 120 200 820 S $ $ $ 50.00 55.00 60.00 6200 March 18 5,000 22,000 7.200 12.400 46,600 March 25 Total Gross Profit FIFO UFO Required 2 > TUU 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO and FIFO. 2. The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Show Atems income taxes are based on a percentage of net income, which method would you recommend to the CEO? FIFO LIFO Weighted average