Heeeey need this asaP!
if you can attach an excel file so i can understand the formulas , would be greaT!
ABC Company is a wholesaler of up-scale sound equipment for complex audio systems. The company uses a periodic inventory system. Data on their inventory and sales of sound equipment for the year of 2018 are summarized below. Date Unit Price per Unit Beginning Inventory January 1, 2018 150 P 35,000 Purchases February 15, 2018 150 37,000 March 24, 2018 55 40,000 May 3, 2018 100 45,000 August 18, 2018 90 52,000 October 28, 2018 80 55,000 Sales April 3, 2018 170 75,000 June 30, 2018 90 90,000 November 16, 2018 120 100,000 ABC Company belongs to the 35% income tax bracket. If the company employs the specific identification method, 35% of the ending inventory will come from the February delivery, 35% from the May delivery, while the remaining 30% will come from the October delivery.ABC Question 1 Determine the ending inventory in units. ABC Question 2 Using Specific Identification method, what is the cost of goods sold? ABC Question 3 Using Weighted Average Cost method, what is the cost of goods sold?ABC Question 4 Using FIFO method, what is the cost of goods sold? ABC Question 5 Using LIFO method, what is the cost of goods sold? ABC Question 6 Using Weighted Average Cost method, what is the cost of ending inventory? ABC Question 7 Using Specific Identification method, what is the cost of ending inventory? ABC Question 8 Using FIFO method, what is the cost of ending inventory? ABC Question 9 Using LIFO method, what is the cost of ending inventory? ABC Question 10 What is the approximate net income after tax under the Weighted Average Cost method? ABC Question 11 What is the approximate net income after tax under the Specific Identification method? ABC Question 12 What is the approximate net income after tax under the FIFO method? ABC Question 13 What is the approximate net income after tax under the LIFO method? ABC Question 14 How much would be the tax savings realized by the company if they shift from FIFO to Weighted Average Costing method? ABC Question 15 How much would be the tax savings realized by the company if they shift from FIFO to LIFO method