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please organize answers in a clear manner. clearly show what needs to be entereded in the blank boxes. thanks! Company XYZ manufactures a tangible product
please organize answers in a clear manner. clearly show what needs to be entereded in the blank boxes. thanks!
Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,500 units of product and incurred $330,000 direct material cost and $206,250 direct labor costs. For financial statement purposes, XYZ capitalized $161,250 indirect costs to inventory. For tax purposes, it had to capitalize $192,250 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 150 units in inventory. In its second year of operations, XYZ manufactured 3,000 units of product and incurred $675,000 direct material cost and $435,000 direct labor costs. For financial statement purposes, XYZ capitalized $299,000 indirect costs to inventory. For tax purposes, it had to capitalize $353,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 450 items in inventory Required: 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 Required A Required 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 Cost of beginning inventory Total cost of units produced Cost of units available for sale Cost of ending inventory Cost of goods sold Required A Required 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.) Dook Cost of beginning inventory Total cost of units produced Cost of units available for sale Cost of ending inventory Cost of goods sold Step by Step Solution
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