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Posted on Sep 17, 2024

if my answer wrong please correct me. #1 purchase 100 units $50 each #5 purchase 400 units $ 55 each #9 sales 420 units $

if my answer wrong please correct me. image text in transcribed

#1 purchase 100 units $50 each #5 purchase 400 units $ 55 each #9 sales 420 units $ 85 each #18 purchase 120 units $ 60 each #25 purchase 200 units $ 62 each #29 sales 160 units $95 each AIV Co. began operations on March 1 and uses a periodic Inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard. March Sunday Tuesday Wednesday Thursday Friday Monday Legend No Purchases of Sales Purchases Sales to search 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 FIFO Required 1 TE Required 1 Gross Profit Required 2 Required 3 Date Cost per unit sold 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 for Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance W of of units Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 100 @ $ 50.00 100 @ 5 50.00 = $ 5,000.00 March 5 400 s 55.00 100 @ S 5000 = $ 5.000.00 55.00 = 22,000.00 S 27,000.00 March 9 100 @ S 50.00 - $ 5,000.00 50.00 320 @ $ 55,00 17,60000 301 5500 4,400.00 $ 22,600.00 4.400.00 4001S March 18 120 S 60.00 50.00 55 00 4.400 00 5000 7200.00 $ 11 600 00 $ 27,000.00 March 9 $ 0 100 320 @ @ $ $ 50.00 55.00 = = 5.000.00 17,500.00 22,600 00 $ $ 50.00 55.00 80 @ = $ 4,400.00 4,400.00 March 18 120 @ $ 60.00 50 00 55.00 = 60.00 = 4,400 00 7,200.00 11,600.00 $ March 25 50.00 55.00 = 60.00 = 62.00 = 4,400.00 7,200.00 12.400.00 24,000.00 200 e $ = = 50.00 55.00 60 00 62.00 4,400.00 4,800.00 992000 19.120 00 50.00 55.00 6000 = 6200 - 40 @ 2001 @ = 2.400.00 12 40000 14000 DO $ $ 41,720.00 14 800 00 Required 1 LIFO > Perpetual LIFO: Goods Purchased rol Cost of Goods Sold Cost perc es Cost per Cost of Goods Sold Cast per una #of units sold of units March 1 @ 100 400 $ $ 50.00 55.00 Inventory Balance Cost per unit inventory Balance 5 50.00 - $ 5,000.00 5 50.00 - $ 5,000.00 $ 55.00 22,000.00 27,000.00 100 @ 100 @ 400 @ March 5 March 9 $ 100 5 4,000.00 $ $ 50.00 5500 1.000.00 22,000.00 23,000.00 50,00 - 5500 400 $ 00 000 March 18 S 00 09 $ 4,000.00 50.00 - 55.00 60.00 1201 $ 7,200.00 11,200.00 S 200 @ 6200 80els 4,000.00 50.00 55.00 60.00 - 62,00 1201 @ 200 @ S $ 7,200.00 12.400.00 23.600.00 5 $ 801 S $ 4,000.00 0 50.00 55. 00 6000 $200 0.00 .00 0 00 9,920 001 9.920 00 50.00 = 5500 60.00 62.00 = 120 7.200.00 2.480.00 13.680 DO $ $ S 32,920 00 5 13 60 00 Complete this question by entering your answers in the tabs below. Required 1 FIFO Required 1 LIFO Required 1 Gross Profit Required 2 Required 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. FIFO: LIFO: Sales Cost of goods sold Gross profit Complete this question by entering your ancwers in the tabs below. Required 2 Required 1 FIFO Required 1 LIFO Required 1 Gross Profit Required 2 Required 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? V r ye TR Nicome, wrich method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 3 Required 1 Required 1 Required 1 Required 1 FIFO LIFO Gross Profit 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? income taxes are based on a percentage of net income, which method would you recommend to the CEO?