Having trouble understanding and completing these study exercises for Tax course. Please see attached.

Type your name here------> Points earned --> 50 Read the instructions and hints before attempting to complete the solution. Enter your responses and answers in the a There are 50 total points for this assignment. The point value of each exercise is determined by dividing the 50 points b exercises per assignment. If you have difficulty with any of the exercises, take advantage of the collaboration discussion forum. Workshop 3 6 Nontax costs of tax planning 7 The importance of marginal tax rates and dynamic planning considerations 1, 4 5, 6 Chapter 6 Exercise 5 points possible 12 deductions Points earned 12 5. Suppose Sonics Inc. just started business this period. The firm purchased 400 units during the period at various prices as follows: Date Units Unit Cost Total January 100 $10 $1,000 March 100 $12 $1,200 June 100 $14 $1,400 October 100 $15 $1,500 Total 400 $5,100 The firm sold 250 units at $30 each on the following dates: Date Units Unit Price Total Sales February 75 $30 $2,250 May 90 $30 $2,700 August 75 $30 $2,250 Decembe 10 $30 $300 r Total 250 $30 $7,500 Required (assume the firm faces a marginal tax rate of 35%): a. Calculate taxable income and taxes payable assuming the firm uses FIFO (first-in, first-out) for inventory costing purposes. b. Calculate taxable income and taxes payable assuming the firm uses LIFO (last-in, first-out) for inventory costing purposes. Discuss your results, including any nontax costs that might be associated with either inventory costing system. Required (assume the firm faces a marginal tax rate of 35%): a. Calculate taxable income and taxes payable assuming the firm uses FIFO (first-in, first-out) for inventory costing purposes. b. Calculate taxable income and taxes payable assuming the firm uses LIFO (last-in, first-out) for inventory costing purposes. Discuss your results, including any nontax costs that might be associated with either inventory costing system. a. Calculate taxable income and taxes payable assuming the firm uses FIFO (first-in, first-out) for inventory costing p Relate this problem to your Managerial accounting courses. units price Sales $0 formula created for you. Fill in yellow cel Less cost of goods sold create formulas to left and enter result 0 formula created for you. $0