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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 620 units @ $45 per unit 380 units @ $42 per unit 100 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 735 units @ $70 per unit 170 units @ $50 per unit 400 units @ $46 per unit 570 units @ $70 per unit 1,305 units 1,670 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 73,760 1,670 units 2. Compute the number of units in ending inventory. Ending inventory 365 units 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. ( weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Perpetual FIFO: Goods Purchased Cost # of units per unit Cost of Goods Sold Cost Cost of Goods per Sold unit # of units sold Date # of units Jan 1 620 Feb 10 380 IS 42.00 620 380 > Mar 13 100 IS 30.00 620 . 380 100 @ IS Mar 15 620 $ 27,900.00 42 45.00 >> @ @ Inventory Balance Cost per Inventory unit Balance IS 45.00 27,900.00 $ $ 45.00 27.900.00 $ 42.00 15.950.00 IS 43.860.00 $ $ 45.00 27 900.00 $ 42.00 15.960.00 s 30.00 3,000.00 $ 46.880.00 $ 42.00 $ 1.784.00 $ 30.00 900.00 $ 2,664.00 IS 42.00 11,130.00 30.00 3,000.00 $ 50.00 8,500.00 $ 22.630.00 $ IS 42.00 11,130.00 $ 30.00 3,000.00 50.00 8,500.00 $ 46.00 18.400.00 $ 41.030.00 115 30 42.00 4,830.00 $32.730.00 Aug 21 170 50.00 265 100 = 170 Sept 5 400 @ s 46.00 265 100 00 170 400 Sept 10 265 > $ 42.00 $ 11,130.00 100 3,000.00 30.00 170 8.500.00 50.00 IS 46.00 35 1.610.00 365 46.00 $ 24,240.00 16.790.00 $ 16.790.00 $ 16.790.00 Totals $ 56,970.00 Perpetual FIFO Perpetual LIFO > Red text indicates no response was expected in a celor a formula based calculation is incorrect; no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (weighted average, and (a specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost # of per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold Date # of units sold # of units Inventory Balance Cost per Inventory unit Balance IS 45.00 $27.900.00 Jan 1 620 Feb 10 380 IS 42.00 > 620 @ . $27,900.00 IS 45.00 $ 42.00 380 18 15.960.00 $43,860.00 Mar 13 100 620 30.00 $27.900.00 45.00 IS 42.00 380 15.950.00 100 > 2 30.00 3,000.00 $46,860.00 Mar 15 380 $11.400.00 365 IS 45.00 $16,425.00 100 * S 30.00 IS 42.00 $ 45.00 4,200.00 255 11.475.00 $27.075.00 $16.425.00 Aug 21 170 535 > IS 45.00 50.00 $24.075.00 170 50.00 8,500.00 $32.575.00 Sept 5 400 385 . 46.00 $16,425.00 45.00 "IA" 170 8,500.00 50.00 IS 46.00 400 18 18.400.00 $43,325.00 Sept 10 400 $18.400.00 @ $ 45.00 $ 46.00 S 50.00 170 8,500.00 365 26.900 $53,975.00 Totals IS 0.00 Red text indicates no response was expected in a celor a formula-based calculation is incorrect; no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. ( weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Cost Date units per unit Jan 1 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost Inventory per unit Balance IS $ 45.00 27,900.00 620 Feb 10 380 > IS 42.00 > 620 IS 45.00 380 s 27 900.00 15.960.00 $ 43.860.00 Average 1.000 > Mar 13 100 620 30.00 42.00 s 43.86 IS 43.86 $ 30.00 $ 42.60 IS 27.193.20 11.400.00 380 1.000 80 > > Mar 15 735 42.60 $ 31,311.00 366 Aug 21 170 365 50.00 s 42.60 IS 42.60 $ 50.00 $ 44.95 38,593.20 $ 15.549.00 $ 15.549.00 8,500.00 s 24.049.00 170 Average 535 Sept 5 400 535 @ 46.00 400 s 44.95 $ 46.00 IS 45.40 s 24,048 25 18.400.00 $ 42,448.25 935 Sept 10 570 S 45.40 365 $ 45.40 $ 25,878.00 $ 57,189.00 $ 16.571.00 Totals Red text indicates no response was expected in a celor a formula-based calculation is incorrect: no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (weighted average, and (c) specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost Cost of # of Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 620 $ 45.00 $ 27.000 620 $ 45.00 27.900 $ 45.00 s 0 Beginning inventory Purchases: Feb 10 March 13 380 4200 100 170 $ 42.00 $ 30.00 $ 50.00 $ 46.00 16,800 5.400 5.000 23.000 $ 77,200 Aug 21 280 $ 42.00 100$ 30.00 120$ 50.00 185$ 46.00 1,305 11,780 3,000 6.000 8.510 $57.170 100 $ 42.00 0$ 30.00 50 $ 50.00 215$ 46.00 365 0 2.500 400 9.690 Sep 5 Total 1.670 $ 16,590 1(a). Compute the number of units available for sale in March. (b). Compute the number of units in ending inventory on March 31. 2. Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Compute the number of units in ending inventory on March 31. Ending inventory 240 units 1(a). Compute the number of units available for sale in March. 1(b). Compute the number of units in ending inventory on March 31. 2. Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase an purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Purchase 100 $ x X March 1 March 5 50 55 400 $ x X Purchase Purchase 120 $ X X March 18 March 25 60 62 Purchase $ X x 200 820 0 $ 0 0 $ 0 "Red text indicates no response was expected in a cell or a formuls-based calculation is incorrect; no points deducted. 1. 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. 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 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. Perpetual LIFO Cost of Goods Sold Cost Cost of Goods per unit Sold # of units sold Date # of units Goods Purchased # of Cost per units unit 100 @ $50.00 400 @ @ $ 55.00 Inventory Balance Cost per Inventory Balance unit $ 50.00 s 5,000.00 March 1 100 @ March 5 100 $ 50.00 400 @ @ $ 55.00 = $5,000.00 22,000.00 IS 27,000.00 March 9 80 a $ 50.00 IS 4,000.00 20@ S 50.00 400 @ @ $55.00 IS 1,000.00 22,000.00 $ 23,000.00 55.00 IS 4,000.00 March 18 120 @ S 60.00 $ IS 80 @ 120 @ 120 @ 50.00 55.00 $ $ 4,000.00 6,600.00 7,200.00 17,800.00 60.00 = S March 25 200 @ S 62.00 50.00 IS 4,000.00 80@ $ @ $ 120 @ $ 200 @ $ 55.00 60.00 62.00 7,200.00 12,400.00 23,600.00 S S March 29 160 = $ 80 50.00 IS S 4,000.00 S 50.00 S 55.00 $ 60.00 @ @ = 8,000.00 0.00 0.00 0.00 8,000.00 @ 120 @ 40 @ $ $ $ = 55.00 60.00 7,200.00 2,480.00 x S 62.00 = $ 62.00 S IS S 13,680.00 Totals $ 31,000.00 S S 13.680.00 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted 1. 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. 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 Required 1 Required 1 FIFO LIFO 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. $ $ Salos Cost of goods sold Gross profit FIFO: 50,900 31,800 19,100 LIFO: 50,900 32,920 17,980 $ $ 1. 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. 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 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? FIFO 1. 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. 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 LIFO Required 1 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? If income taxes are based on a percentage of net income, which method would you recommend to the CEO? LIFO Mar 13 100 IS 30.00 620 . 380 100 @ IS Mar 15 620 $ 27,900.00 42 45.00 >> @ @ Inventory Balance Cost per Inventory unit Balance IS 45.00 27,900.00 $ $ 45.00 27.900.00 $ 42.00 15.950.00 IS 43.860.00 $ $ 45.00 27 900.00 $ 42.00 15.960.00 s 30.00 3,000.00 $ 46.880.00 $ 42.00 $ 1.784.00 $ 30.00 900.00 $ 2,664.00 IS 42.00 11,130.00 30.00 3,000.00 $ 50.00 8,500.00 $ 22.630.00 $ IS 42.00 11,130.00 $ 30.00 3,000.00 50.00 8,500.00 $ 46.00 18.400.00 $ 41.030.00 115 30 42.00 4,830.00 $32.730.00 Aug 21 170 50.00 265 100 = 170 Sept 5 400 @ s 46.00 265 100 00 170 400 Sept 10 265 > $ 42.00 $ 11,130.00 100 3,000.00 30.00 170 8.500.00 50.00 IS 46.00 35 1.610.00 365 46.00 $ 24,240.00 16.790.00 $ 16.790.00 $ 16.790.00 Totals $ 56,970.00 Perpetual FIFO Perpetual LIFO > Red text indicates no response was expected in a celor a formula based calculation is incorrect; no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (weighted average, and (a specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost # of per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold Date # of units sold # of units Inventory Balance Cost per Inventory unit Balance IS 45.00 $27.900.00 Jan 1 620 Feb 10 380 IS 42.00 > 620 @ . $27,900.00 IS 45.00 $ 42.00 380 18 15.960.00 $43,860.00 Mar 13 100 620 30.00 $27.900.00 45.00 IS 42.00 380 15.950.00 100 > 2 30.00 3,000.00 $46,860.00 Mar 15 380 $11.400.00 365 IS 45.00 $16,425.00 100 * S 30.00 IS 42.00 $ 45.00 4,200.00 255 11.475.00 $27.075.00 $16.425.00 Aug 21 170 535 > IS 45.00 50.00 $24.075.00 170 50.00 8,500.00 $32.575.00 Sept 5 400 385 . 46.00 $16,425.00 45.00 "IA" 170 8,500.00 50.00 IS 46.00 400 18 18.400.00 $43,325.00 Sept 10 400 $18.400.00 @ $ 45.00 $ 46.00 S 50.00 170 8,500.00 365 26.900 $53,975.00 Totals IS 0.00 Red text indicates no response was expected in a celor a formula-based calculation is incorrect; no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. ( weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased # of Cost Date units per unit Jan 1 # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost Inventory per unit Balance IS $ 45.00 27,900.00 620 Feb 10 380 > IS 42.00 > 620 IS 45.00 380 s 27 900.00 15.960.00 $ 43.860.00 Average 1.000 > Mar 13 100 620 30.00 42.00 s 43.86 IS 43.86 $ 30.00 $ 42.60 IS 27.193.20 11.400.00 380 1.000 80 > > Mar 15 735 42.60 $ 31,311.00 366 Aug 21 170 365 50.00 s 42.60 IS 42.60 $ 50.00 $ 44.95 38,593.20 $ 15.549.00 $ 15.549.00 8,500.00 s 24.049.00 170 Average 535 Sept 5 400 535 @ 46.00 400 s 44.95 $ 46.00 IS 45.40 s 24,048 25 18.400.00 $ 42,448.25 935 Sept 10 570 S 45.40 365 $ 45.40 $ 25,878.00 $ 57,189.00 $ 16.571.00 Totals Red text indicates no response was expected in a celor a formula-based calculation is incorrect: no points deducted. 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO. (weighted average, and (c) specific identification. For specific identification, units sold consist of 620 units from beginning inventory. 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific id Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 280 from the February 10 purchase, 100 from the March 13 purchase, 120 from the August 21 purchase, and 185 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost Cost of # of Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 620 $ 45.00 $ 27.000 620 $ 45.00 27.900 $ 45.00 s 0 Beginning inventory Purchases: Feb 10 March 13 380 4200 100 170 $ 42.00 $ 30.00 $ 50.00 $ 46.00 16,800 5.400 5.000 23.000 $ 77,200 Aug 21 280 $ 42.00 100$ 30.00 120$ 50.00 185$ 46.00 1,305 11,780 3,000 6.000 8.510 $57.170 100 $ 42.00 0$ 30.00 50 $ 50.00 215$ 46.00 365 0 2.500 400 9.690 Sep 5 Total 1.670 $ 16,590 1(a). Compute the number of units available for sale in March. (b). Compute the number of units in ending inventory on March 31. 2. Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Compute the number of units in ending inventory on March 31. Ending inventory 240 units 1(a). Compute the number of units available for sale in March. 1(b). Compute the number of units in ending inventory on March 31. 2. Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase and 340 units from the March 5 purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Compute the cost assigned to ending inventory using specific identification. Note: The March 9 sale consists of 80 units from March 1 purchase an purchase; the March 29 sale consists of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Purchase 100 $ x X March 1 March 5 50 55 400 $ x X Purchase Purchase 120 $ X X March 18 March 25 60 62 Purchase $ X x 200 820 0 $ 0 0 $ 0 "Red text indicates no response was expected in a cell or a formuls-based calculation is incorrect; no points deducted. 1. 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. 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 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. Perpetual LIFO Cost of Goods Sold Cost Cost of Goods per unit Sold # of units sold Date # of units Goods Purchased # of Cost per units unit 100 @ $50.00 400 @ @ $ 55.00 Inventory Balance Cost per Inventory Balance unit $ 50.00 s 5,000.00 March 1 100 @ March 5 100 $ 50.00 400 @ @ $ 55.00 = $5,000.00 22,000.00 IS 27,000.00 March 9 80 a $ 50.00 IS 4,000.00 20@ S 50.00 400 @ @ $55.00 IS 1,000.00 22,000.00 $ 23,000.00 55.00 IS 4,000.00 March 18 120 @ S 60.00 $ IS 80 @ 120 @ 120 @ 50.00 55.00 $ $ 4,000.00 6,600.00 7,200.00 17,800.00 60.00 = S March 25 200 @ S 62.00 50.00 IS 4,000.00 80@ $ @ $ 120 @ $ 200 @ $ 55.00 60.00 62.00 7,200.00 12,400.00 23,600.00 S S March 29 160 = $ 80 50.00 IS S 4,000.00 S 50.00 S 55.00 $ 60.00 @ @ = 8,000.00 0.00 0.00 0.00 8,000.00 @ 120 @ 40 @ $ $ $ = 55.00 60.00 7,200.00 2,480.00 x S 62.00 = $ 62.00 S IS S 13,680.00 Totals $ 31,000.00 S S 13.680.00 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted 1. 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. 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 Required 1 Required 1 FIFO LIFO 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. $ $ Salos Cost of goods sold Gross profit FIFO: 50,900 31,800 19,100 LIFO: 50,900 32,920 17,980 $ $ 1. 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. 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 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? FIFO 1. 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. 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 LIFO Required 1 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? If income taxes are based on a percentage of net income, which method would you recommend to the CEO? LIFO