1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory casting. 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 borus, 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 incorme 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 LIFO or FIFO for inventory costing. Cormpute the gross profit earned by the company for both LIFO Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Ioventory Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Date Cost per unit Ending Inventory Iof units Cost per unit March 1 100 $ 50.00 S 55.00 60.00 62.00 5,000 March 5 400 S 22,000 March 18 120 7,200 March 25 200 S 12,400 Total 820 24 46,600 Periodic LIFO Cont of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units sold Cost of Goods of units in ending Cost per unit Ending Inventory Date #of units Cost per unit Available for Sale Cost per unit Sold inventory March 1 100 S 400 S 50.00 S 5,000 March 5 55.00 22,000 March 18 120 60.00 1.200 March 25 200 $ 62.00 12,400 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 All Items f income taxes are based on a percentage of net income, which method would you recommend to the CEO? < Required 2 FIFO LIFO Weighted average 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing Compute the gross profit eamed 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 Reguired 3 The CEO's bonus is calculated using net income before incorme taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? Show All tems W the CEO wishes to maximize her bonus, which of the following methods would you recommend? Required 1 Required 3> FIFO LIFO Weighted average