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please answer both for upvote ATW corporation currently uses the FIFO method of accounting for its inventory for book and tax purposes. Its beginning inventory
please answer both for upvote ATW corporation currently uses the FIFO method of accounting for its inventory for book and tax purposes. Its beginning inventory for the current year was $8,000,000. Its ending inventory for the current year was $7,000,000. If ATW had been using the LIFO method of accounting for its inventory, its beginning inventory would have been $7,000,000 and its ending inventory would have been $5,700,000. Assume ATW corporation's marginal tax rate is 21 percent. How much more in taxes did ATW corporation pay for the current year because it used the FIFO method of accounting for inventory than it would have paid if it had used the LIFO method? QUESTION 2 Assume Mapie Corp. has just completed the third yeat of its existence fyear 3). The table bolow indicoles Maple's ending book inventary for ench year and the addeional 4203A costs (UNICAP) It was required to include in its ending inventory. Maple innediately expensed these costs for book purposes in year 2 , Maple sold all of its year 1 ending irventory, and in year 3 it sold al of its year 2 ending imentory. What book-tak difference ascocated with ts inventory ded Maple report in year 2 ? (Enter a favorable isterence as a positive and an unfavorable difference as a negative)
please answer both for upvote
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