Tableau DA 5-5: Minl-Case, Perlodic: Income effects of LIFO and FIFO LO P3 ATV Campeny began operstions an March 1 and uses s perladk inventoy syztem. It entered into purchsses and sales tar Merch as shown in the Tablesu Deshbosed. 1. The CEO has ssked you to help her decide whether to use LIFO or FIFO tor inventory costing. Compute the gross profit eamed by the compony for both LIFO snd FIFO. 2 The CEO's bonus is calculsted using net income before income tsxes. If the CEO wishes to maximize her bonus, wintch of the following methods would you recommend? 3. A ternotively, the CEO des es the method that minimizes income taxes pald by the compsny in the current yesc if income tsxes sre bosed on a percentsge of net income, which method would you recammend to the CEO? Complete this question by entering your answers in the tabs below. 1 Keep Only Exclude 0 Purchase 100 units $50 each \begin{tabular}{|l|l|} \hline 5 & Keep Only Exclude \\ & Purchase \\ & 400 units \\ $55 each \end{tabular} Q Sales 420 units $85 each 1818 Only Exclude ? Purchase 120 units $60 each 25 27 Keep Only Exclude ? Purchase 200 units $62 each Tableau DA 5-5: Minl-Case, Perlodic: Income effects of LIFO and FIFO LO P3 ATV Campeny began operstions an March 1 and uses s perladk inventoy syztem. It entered into purchsses and sales tar Merch as shown in the Tablesu Deshbosed. 1. The CEO has ssked you to help her decide whether to use LIFO or FIFO tor inventory costing. Compute the gross profit eamed by the compony for both LIFO snd FIFO. 2 The CEO's bonus is calculsted using net income before income tsxes. If the CEO wishes to maximize her bonus, wintch of the following methods would you recommend? 3. A ternotively, the CEO des es the method that minimizes income taxes pald by the compsny in the current yesc if income tsxes sre bosed on a percentsge of net income, which method would you recammend to the CEO? Complete this question by entering your answers in the tabs below. 1 Keep Only Exclude 0 Purchase 100 units $50 each \begin{tabular}{|l|l|} \hline 5 & Keep Only Exclude \\ & Purchase \\ & 400 units \\ $55 each \end{tabular} Q Sales 420 units $85 each 1818 Only Exclude ? Purchase 120 units $60 each 25 27 Keep Only Exclude ? Purchase 200 units $62 each