Just answer the first two pictures 2-B, forget the last picture

P6-2B Xinxin Distribution markets CDs of the performing artist Carly. At the beginning of March, Xinxin had in beginning inventory 1,500 Carly CDs with a unit cost of $7 During March Xinsin made the following purchases of Carly CDs. (inxin uses a periodic inventory system). March 53,000@ $8 March 13 4,500s9 March 21 March 26 2,500 @ $11 4,000 @ $10 During March, 12,000 units were sold (a) Determine the cost of goods available for sale (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average cost per unit to 3 decimal places.) (c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? COST OF GOODS AVAILABLE FOR SALE Date Units Unit Cost Total Cost 10,500 March 1 Beg Inventory 1,500 7 13 21 26 Purchase Purchase Purchase Purchase (c Styles FIFO Inventory Date Units Unit Cost Total Cost 142,500 Cost of Goods Avail for Sale Less: Ending Inventory Cost of Goods Sold 15,500 -12,000 3,500 eginning of ring March tory system) Date Units Unit Cost Total Cost Cost of Cost of Goods Avail for Sale 142,500 Less: Ending Inventory Cost of Goods Sold t each of the assumed of the cost of goods sold t the balance sheet and (2) Av Cost of Goods Avalil for Sale Less: Ending Inventory nit 142,500 Cost of Goods Sold 0 (1) LIFO or FIFO produces the highest inventory amount, $37,500. (2) LIFO or FIFO produces the highest cost of goods sold, $116,000 (c) P6-4B The management of Patel Co. is the a s of using its present inventory PROBLEM 6-4B 2017 if elther the FIFO method or the LIFO method had been use the following data d. For 2017, the accounting records show Patel Co. Total net sales (217,000 units).... $865,000 Ending (28,000 units) Purchases were made quarterly as follows (230,000 units) 600,000 FIFO LIFO Cost of Goods Sold 60000 50 000 $2.40 $144,000 32,000 32,000 Beginning Inventory Cost of Cost of Goods Ending Cost of Goods Sold 2 50 2.70 2 80 Goods Purchased 196 000 632,000 632,000 Operating e (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFCo Show computations of ending inventory ) (1) Which cost flow method (FIFO or LIFO) produces the more meaningful inventiory 50,728 98,472 (2) Which cost flow mathod (FIFO or LIFO) produces the more meaninghd net income? 108,504 Why? flow of the goods? Why? FIFO? Why? (b)(11The 14) How much additional cash will be available for management under LIFO than under (5) Will gross profit under the average-cost methed be higher or tower than (O FIFO and Ci) LFO? (Note is nat necessary to quartify your answer ) to (b) 13) the See Below O Type here to search