ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.
March Thursday Wednesday Sunday Monday Tuesday Friday Saturday Legend |No Purchases or Sal... | Purchases Sales 1 2 3 5 6 7 8 10 11 12 13 14 15 16 18 19 21 22 17 24 26 28 29 30 31 23 20 27 25 MARCH s1 100 0each 5m-400un ts 55 each 420units 96 each (Se. 18 120untsD60 each 5-acounts eceh laq-160uits $5 cach (She 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 Required Required Required Required 1 Gross 1 FIFO 1 LIFO 2 3 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. Perpetual FIFO: Inventory Balance Cost per Goods Purchased Cost of Goods Sold Cost per # of units Cost per sold # of Cost of Goods Inventory Balance # of units Date units unit unit Sold unit March 1 $ 50.00 100@ 100 @ $ $5,000.00 50.00 March 5 March 9 March 18 March 25 March 29 Totals Required 1 FIFO Required 1 LIFO Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 Gross 1 LIFO 1 FIFO 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. Perpetual LIFO: Inventory Balance Cost per unit Goods Purchased of units Cost of Goods Sold Cost per #of units Cost per Cost of Goods unit Inventory Balance # of units Date unit sold Sold March 1 $ 5,000.00 100 50.00 100 @ $ 50.00 March 5 March 9 March 18 March 25 March 29 Totals Required 1 FIFO Required 1 Gross Profit Complete this question by entering your answers in the tabs below. Required Required RequiredRequired Required 1 Gross 1 LIFO 1 FIFO 2 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 LIFO: FIFO: Required 1 LIFO Required 2 Required Required Required Required Required 1 FIFO 1 Gross 1 LIFO 2 3 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? If the CEO wishes to maximize her bonus, which of the following methods would you recommend? Required 1 Gross Profit 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 lessA If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Required 2 Required 3> March Thursday Wednesday Sunday Monday Tuesday Friday Saturday Legend |No Purchases or Sal... | Purchases Sales 1 2 3 5 6 7 8 10 11 12 13 14 15 16 18 19 21 22 17 24 26 28 29 30 31 23 20 27 25 MARCH s1 100 0each 5m-400un ts 55 each 420units 96 each (Se. 18 120untsD60 each 5-acounts eceh laq-160uits $5 cach (She 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 Required Required Required Required 1 Gross 1 FIFO 1 LIFO 2 3 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. Perpetual FIFO: Inventory Balance Cost per Goods Purchased Cost of Goods Sold Cost per # of units Cost per sold # of Cost of Goods Inventory Balance # of units Date units unit unit Sold unit March 1 $ 50.00 100@ 100 @ $ $5,000.00 50.00 March 5 March 9 March 18 March 25 March 29 Totals Required 1 FIFO Required 1 LIFO Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1 Gross 1 LIFO 1 FIFO 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. Perpetual LIFO: Inventory Balance Cost per unit Goods Purchased of units Cost of Goods Sold Cost per #of units Cost per Cost of Goods unit Inventory Balance # of units Date unit sold Sold March 1 $ 5,000.00 100 50.00 100 @ $ 50.00 March 5 March 9 March 18 March 25 March 29 Totals Required 1 FIFO Required 1 Gross Profit Complete this question by entering your answers in the tabs below. Required Required RequiredRequired Required 1 Gross 1 LIFO 1 FIFO 2 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 LIFO: FIFO: Required 1 LIFO Required 2 Required Required Required Required Required 1 FIFO 1 Gross 1 LIFO 2 3 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? If the CEO wishes to maximize her bonus, which of the following methods would you recommend? Required 1 Gross Profit 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 lessA If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Required 2 Required 3>
