q1 /Wonderland Company imports and sells a product produced in Canada. In the summer of 2016, a natural disaster disrupted production, affecting its supply of product. On January 1, 2016, Wonderland's inventory records were as follows: Year purchased Quantity (Units) Cost Per Unit Total Cost 2014 4,000 $160 $640,000 2015 10,000 $220 2,200,000 Total 14,000 $2,840,000 Through mid-December of 2016, purchases were limited to 16,000 units, because the cost had increased to $320 per unit. Wonderland sold 18,400 units during 2016 at a price of $392 per unit, which significantly depleted its inventory. Assume that Wonderland makes no further purchases during 2016. Wonderland uses the LIFO inventory method. Compute Wonderland's gross profit for 2016. Group of answer choices $1,762,400 $1,564,800 $2,494,000 $1,714,400

q2/

Wonderland Company imports and sells a product produced in Canada. In the summer of 2016, a natural disaster disrupted production, affecting its supply of product. On January 1, 2016, Wonderland's inventory records were as follows: Year purchased Quantity (Units) Cost Per Unit Total Cost 2014 4,000 $160 $640,000 2015 10,000 $220 2,200,000 Total 14,000 $2,840,000 Through mid-December of 2016, purchases were limited to 16,000 units, because the cost had increased to $320 per unit. Wonderland sold 18,400 units during 2016 at a price of $392 per unit, which significantly depleted its inventory. Assume that Wonderland purchases 22,800 more of the $320 units on December 31, 2016. Wonderland uses the FIFO inventory method. Compute Wonderland's gross profit for 2016. Group of answer choices $2,964,800 $2,044,800 $2,073,200 $1,714,400

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