Worksheet. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing $580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Chart. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart. H 1 J K B D E F G 1 2 FIFOLIFO 3 Inventory Cost Flow Assumptions 4 5 Data Section 6 7 Specific FIFO LIFO 8 Purchase Unit Unit Total Units Units Units 9 Date Quantity Cost Cost Sold Sold Sold 10 Beginning Balance 200 $400 $80,000 200 200 0 11 Mar 7 100 $440 $44,000 50 100 100 12 May 13 50 480 24,000 0 50 50 13 Aug 28 200 520 104,000 200 150 200 14 Nov 20 150 560 84,000 50 0 150 15 Total purchased 500 256,000 16 Total available 700 $336,000 17 Sales 500 500 500 500 18 Ending balance 200 these totals must agree 19 with cell B17 20 21 Calculations 22 23 Specific ID FIFO LIFO Average 24 Cost of goods sold $234,000 $226,000 $256,000 $240,000 25 Ending inventory cost 102,000 110,000 80,000 96,000 26 Total goods available $336,000 $336,000 $336,000 $336,000 27 these totals must agree with cell D16 28 Answer Section 29 30 Income Statement 31 Specific D FIFO LIFO Average 32 Sales $320,000 $320,000 $320,000 $320,000 33 Cost of goods sold 234,000 226,000 256,000 240,000 34 Gross profit $86,000 $94,000 $64,000 $80,000 35 Taxes (40%) 34,400 37,600 25,600 32,000 36 Net income $51,600 $56,400 $38,400 $48,000 37 38 39 Cash Flow Analysis 40 Specific ID FIFO LIFO Average 41 Sales $320,000 $320,000 $320,000 $320,000 42 Less inventory replacement (256,000) (256,000) (256,000) (256,000) 43 $64,000 $64,000 $64,000 $64,000 44 Less taxes (34,400) (37,600) 25,601 (32,00 45 Less dividends (25,800) (28,200) (19,200 (24,000) 46 Change in cash account $3,800 ($1,800) $19,200 $8,000 47 48 49 A B D E F G H Ending Inventory Costs 1 2 3 4 5 6 7 $120.000 $100,000 $80.000 $60,000 $40.000 $20.000 $0 A B 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Chart Data Table A B 110000 80000 98000 Worksheet. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing $580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Chart. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart. H 1 J K B D E F G 1 2 FIFOLIFO 3 Inventory Cost Flow Assumptions 4 5 Data Section 6 7 Specific FIFO LIFO 8 Purchase Unit Unit Total Units Units Units 9 Date Quantity Cost Cost Sold Sold Sold 10 Beginning Balance 200 $400 $80,000 200 200 0 11 Mar 7 100 $440 $44,000 50 100 100 12 May 13 50 480 24,000 0 50 50 13 Aug 28 200 520 104,000 200 150 200 14 Nov 20 150 560 84,000 50 0 150 15 Total purchased 500 256,000 16 Total available 700 $336,000 17 Sales 500 500 500 500 18 Ending balance 200 these totals must agree 19 with cell B17 20 21 Calculations 22 23 Specific ID FIFO LIFO Average 24 Cost of goods sold $234,000 $226,000 $256,000 $240,000 25 Ending inventory cost 102,000 110,000 80,000 96,000 26 Total goods available $336,000 $336,000 $336,000 $336,000 27 these totals must agree with cell D16 28 Answer Section 29 30 Income Statement 31 Specific D FIFO LIFO Average 32 Sales $320,000 $320,000 $320,000 $320,000 33 Cost of goods sold 234,000 226,000 256,000 240,000 34 Gross profit $86,000 $94,000 $64,000 $80,000 35 Taxes (40%) 34,400 37,600 25,600 32,000 36 Net income $51,600 $56,400 $38,400 $48,000 37 38 39 Cash Flow Analysis 40 Specific ID FIFO LIFO Average 41 Sales $320,000 $320,000 $320,000 $320,000 42 Less inventory replacement (256,000) (256,000) (256,000) (256,000) 43 $64,000 $64,000 $64,000 $64,000 44 Less taxes (34,400) (37,600) 25,601 (32,00 45 Less dividends (25,800) (28,200) (19,200 (24,000) 46 Change in cash account $3,800 ($1,800) $19,200 $8,000 47 48 49 A B D E F G H Ending Inventory Costs 1 2 3 4 5 6 7 $120.000 $100,000 $80.000 $60,000 $40.000 $20.000 $0 A B 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Chart Data Table A B 110000 80000 98000