Problem 6-04A a-b

The management of Sunland Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data:

Inventories

Purchases and Sales

Beginning (4,000units)

$16,000

Total net sales (181,000units)

$1,113,150Ending (13,000units)

Total cost of goods purchased (190,000units)

846,000

Purchases were made quarterly as follows.

Quarter

Units

Unit Cost

Total Cost

1

50,000

$4.20

$210,000

2

40,000

4.35

174,000

3

40,000

4.50

180,000

4

60,000

4.70

282,000

190,000

$846,000

Operating expenses were $120,000, and the company's income tax rate is40%.

I need LIFO ending inventory, cost of good sold, gross profit and loss, income before taxes,Income tax expense,net income/loss. I need FIFO gross profit and loss,income before taxes,Income tax expense,net income/loss