ch6-7,9

March 1- Purchase 100 units $50 each

March 5- Purchase 400 units $55 each

March 9- Sales 420 units $85 units

March 18- Purchase 120 units $60 each

March 25- Purchase 200 units $62 each

March 29- Sales 160 units $95 each

Required 1 Required 2 Required 3 Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold of Date of units Cost per units unit sold unit Cost of Goods Sold 100 $ 50.00 Cast per #of units Inventory Balance Cost per unit Inventory Balance $ 50.00 - $ 5,000.00 March 100 @ March 5 March 9 March 18 March 25 Check my wor March 9 March 18 March 25 March 29 Totals $ 0.00 5 0.00 Required 2 > Check my wou Required 1 Required 2 Required 3 Compute the cost assigned to ending Inventory using LIFO. Perpetual LIFO: Date Inventory Balance Goods Purchased # of Cost per unit units 100 $ 50.00 Cost of Goods Sold Cost per unit Cost of Goods Sold #of units sold # of units Cost per unit Inventory Balance March 1 100 $ 50.00 - $ 5,000.00 March 5 March 9 March 18 March 26 Check my word March 9 March 18 March 25 March 29 $ 0.00 Total Regard Bured) Required 1 Required 2 Required 3 Compute the cost assigned to ending Inventory using Weighted Average. (Round your average cost per unit to 2 decimal places.) Cost of Goods Sold Inventory Balance Weighted Average Perpetual: Goods Purchased #of Date unita Cost per unit March 1 100 $ 50.00 # of units sold Cost per unit Cost of Goods Sold #of units Cost per unit Inventory Balance $ 50.00 $ 5,000.00 100 e March 5 Average March March 18 Averige March 25 March 20 Totals 0.00 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 Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods of units Cost per unit Available for Date of units cost per un Cost of Goods Sold Cost per sold of units in ending Inventory Sale unit End Inver March March 5 March 10 March 25 Total 0 5 Periodio LIFO Coat of Goods Available for Sale Cost of Goods of units Cost per unit Available for Sale Cost of Goods Sold #of units Cost of Goods Cost per unit sold Ending Inventory Coat per End unt Date of units in ending Inventory Sold