TV Co, began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown the Tableau Dashboard. March MB 10 Legend I No Purchases or Sales Purchases Sales N Purchase 100 units $50 each 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Assignment Saved 3 4 5 7 00 Purchase 400 units $55 each 10 11 12 13 14 15 16 17 18 19 20 21 22 23 3 4 5 6 7 100 Sales 420 units $85 each 10 11 12. 13 14 15 16 17 18 19, 20 21 22. 23 24 25 26 27 28 29 30 31 3 4 5 6 7 00 9 10 11 12 13 14 15 16 17 20 21 22 23 Purchase 120 units $60 each 24 25 26 27 28 29 30 31 3 4 5 6 6 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26 27 28 29 30 Purchase 200 units $62 each 31. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 le Sales 160 units $95 each 31 tableau 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO and FIFO. 2. The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both UFO and Firo. Perpetual FIFO: Cost of Goods Sold #of units sold Goods Purchased of units Cest per unit 100 50.00 Cost per unit Coat of Goods Sold Date March 1 # of units Inventory Balance Cost per unit Inventory Balance $ 50.00 $ 5.000.00 100 March 5 March March 18 March 25 March 20 $ 0.00 To The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both UFO and Firo. Perpetual LIED: Goods Purchased Cost of Goods Sold Inventory Balance of Date Cost per unit of units units Cost per sold unt Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 100 $ 50.00 100 @ $ 50.00 - $ 5,000.00 March 5 March 9 March 18 March 25 March 20 $ 0.00 Total 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes based on a percentage of net income, which method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 1 Required 1 Required 1 FIFO LIFO Gross Profit Required 2 Required 3 The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO and FIFO. FIFO: LIFO: Required 1 LIFO Required 2 > Cost of goods sold Gross profit Merchandise inventory Operating expenses Sales 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO and FIFO. 2. The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 1 FIFO Required 1 LIFO Required 1 Gross Profit Required 2 Required 3 The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? If the CEO wishes to maximize her bonus, which of the following methods would you recommend? FIFO LIFO Weighted Average 1. The CEO has asked you to help her decide whether to use LIFO OF FIFO for inventory costing, Compute the gross profit earned by the company for both LIFO and FIFO. 2. The CEO's bonus is calculated using net income before income taxes. If the CEO wishes to maximize her bonus, which of the following methods would you recommend? 3. Alternatively, the CEO desires the method that minimizes income taxes paid by the company in the current year. If income taxes are based on a percentage of net income, which method would you recommend to the CEO? Complete this question by entering your answers in the tabs below. Required 1 Required 1 Required 1 FIFO LIFO Gross Profit Required 2 Required 3 Alternatively, the ceo desires the method that minimizes income taxes paid by the company in the current year. If Income taxes are based on a percentage of net income, which method would you recommend to the CEO? it income taxon are based on a percentage of net income, which method would you recommend to the CEO?