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The Mary Poppins Company began business on 1/1/2016 when they sold 5000 shares of stock for $46,000 During 2016 Mary Poppins: a) on 1/13/2016 Mary

The Mary Poppins Company began business on 1/1/2016 when they sold 5000 shares of stock for $46,000
During 2016 Mary Poppins:
a) on 1/13/2016 Mary Poppins purchased 100 umbrellas for $14 each
b) on 7/1/2016 Mary Poppins purchased 400 umbrellas for $15 each
c) On 10/1/2016 Mary Poppins purchased 300 umbrellas for $16 each
On December 31, 2016 a count of the warehouse showed 270 umbrellas
On average Mary Poppins sold umbrellas for $23 each
At the end of the year Mary Poppins had no receivables or payables.
Mary Poppins is in the 40% tax rate
PART 1: FOR 2016 DETERMINE
A) COST OF GOODS SOLD FOR MARY POPPINS IF SHE USES FIFO
B) ENDING INVENTORY FOR MARY POPPINS IF SHE USES FIFO
C) NET INCOME IF MARY POPPINS USES FIFO (DON'T FORGET ABOUT TAXES)
D) ENDING CASH IF MARY POPPINS USES FIFO
E) COST OF GOODS SOLD FOR MARY POPPINS IF SHE USES LIFO
F) ENDING INVENTORY FOR MARY POPPINS IF SHE USES LIFO
G) NET INCOME IF MARY POPPINS USES LIFO (DON'T FORGET ABOUT TAXES)
H) ENDING CASH IF MARY POPPINTS USES LIFO
I) HOW MUCH DID MARY POPPINS SAVE BY USING LIFO INSTEAD OF FIFO FOR HER UMBRELLAS

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