Required 6. The preceding paragraph describes five accounting events: (1) a sales transaction (2) the first purchase of inventory, (3) a second purchase of inventory. (4) the recognition of cost of goods sold expense, and (5) me payment of income tax expence, Show the amounts of each event in horizontal statements models like the following ones, assuming first & FIFO and then a LIFO cost flow. b. Compute net income using FIFO c. Compute net income using LIFO e. Which method, FFO or LIFO. produced the larger amount of assets on the balance sheet? Complete this question by entering your answers in the tabs below. Required A Required Required Required The preceding paragraph describes five accounting events (1) sales transaction (2) the first purchase of inventory (3) a second purchase of in recognition of cost of goods sold expense and is the payment of income tax expense. Show the amounts of each event in horizontal statements following ones, assuming first a FIFO and then a LIFO.cont floween the Gish for colums use the stats On to designate operating activity. IA FA for financing activity, NC for net change in cash and Atocate the element is not affected by the vant. Round your imalanters to the amount. Enter any decreases to account balances and cast but with a min.) THE BRICK COMIANY Eted of Events Fact Sheets Panel CS cash Balance Sheet Event NO Retread Netto Ees Revenue Cash Inventory 1 2 4 $ Bal Panel UO Coto 1 2 3 4 5 Bat Required The Brick Company had cash sales of $229,100 for Year 1, its first year of operation On April 2. the company purchased 161 units of Inventory at $170 per unit on September 1, an additional 121 units were purchased for $187 per unit. The company had 53 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions Required a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory. (3) a second purchase of Inventory. (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense Show the amounts of each event in horizontal statements models like the following ones, assuming fiesta FIFO and then a LIFO cost flow. b. Compute net income using FIFO. c. Compute net income using LIFO. e. Which method, FIFO or LIFO produced the larger amount of assets on the balance sheet? Complete this question by entering your answers in the tabs below. Required A Required Required Required Compute net income using FIFO. (Round your final answer to the nearest whole dollar amount.) Net income assuming FFO out flow The Brick Company had cash sales of $229,100 for Year 1, its first year of operation. On April 2, the company purchased 161 units of Inventory at $170 per unit on September 1, an additional 121 units were purchased for S187 per unit. The company had 53 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions. Required 6. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory (3) o second purchase of Inventory. (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Show the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow. b. Compute net Income using FIFO c. Compute net income using LIFO. e. Which method, FIFO or Lifo, produced the latger amount of assets on the balance sheet? Complete this question by entering your answers in the tabs below. Required A Required B Required Required E Compute net income using LIFO. (Round your final answer to the nearest whole dollar amount.) Not income stamina C 003 pm The Brick Company had cash sales of $229,100 for Year 1, its first year of operation On Apr 2 the company purchased 161 units of Inventory at $170 per unit on September 1, an additional 121 units were purchased for $187 per unit. The company had 53 units on hand at the end of the year. The company's income tax rate is 40 percent All transactions are cash transactions Required a. The preceding paragraph describes five accounting events: (1) a sales transaction (2) the first purchase of inventory.) a second purchase of inventory. (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense Show the amounts of each event in honzontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow, b. Compute net Income using FIFO. c. Compute net income using LIFO e. Which method, FIFO or LIFO produced the larger amount of assets on the balance sheer? Complete this question by entering your answers in the tabs below. Required A Required B Required Required E Which method, FIFO or LIFO, produced the larger amount of assets on the balance sheet? Method
