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I'm posting this for the 2nd time can you answer it right please Company XYZ manufactures a tangible product and sells the product at wholesale.
I'm posting this for the 2nd time can you answer it right please
Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,600 units of product and incurred $360,000 direct material cost and $228,000 direct labor costs. For financial statement purposes XYZ capitalized $183,000 indirect costs to inventory. For tax purposes, it had to capitalize $214,000 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 160 units in inventory. In its second year of operations, XYZ manufactured 3,200 units of product and incurred $736,000 direct material cost and $480,000 direct labor costs. For financial statement purposes, XYZ capitalized $344,000 indirect costs to inventory. For tax purposes, it had to capitalize $398,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 480 items in inventory a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention Answer is not complete. Complete this question by entering your answers in the tabs below Required ARequired B Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention. (Do not round intermediate calculations.) Book Tax Cost of beginning inventory Total cost of units produced Cost of units available for sale Cost of ending inventory Cost of goods solo $ 282,301 285,400 1,560,0001,614,000 $ 1,842,301 S 1,899,400 234,00001 242,102 $ 1,608,301 $ 1,657,298 Required A RequiredB> Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,600 units of product and incurred $360,000 direct material cost and $228,000 direct labor costs. For financial statement purposes XYZ capitalized $183,000 indirect costs to inventory. For tax purposes, it had to capitalize $214,000 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 160 units in inventory. In its second year of operations, XYZ manufactured 3,200 units of product and incurred $736,000 direct material cost and $480,000 direct labor costs. For financial statement purposes, XYZ capitalized $344,000 indirect costs to inventory. For tax purposes, it had to capitalize $398,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 480 items in inventory a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention Answer is not complete. Complete this question by entering your answers in the tabs below Required A Required B Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention, (Do not round intermediate calculations Book Tax 282,301 C $ 285,400 3 Cost of beginning inventory Total cost of units produced Cost of units available for sale Cost of ending inventory Cost of goods solo 1,560,0001,614,000 $ 1,842,301 $ 1,899,400 $ 1,842,301$ 1,899,400 K Required A RequiredBStep by Step Solution
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