Elsher Implements Company had sales revenue of $785,000 in 20x2. Pertinent data for its only product...

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Elsher Implements Company had sales revenue of $785,000 in 20x2. Pertinent data for its only product in 20Xx2 included the following: Click the icon to view the data). Requirements 1. Prepare a statement of gross margin for 20X2. Use two columns, one assuming LIFO and one assuming FIFO. 2. Assume that Fisheris reporting to the tax authorities and has a 45% income tax rate. Suppose all transactions are for cash. Which Inventory method results in more cash for Fisher? By how much? Requirement 1. Prepare a statement of gross margin for 20X2 Use two columns, one assuming LIFO and one assuming FIFO. Before computing the gross margin for 20X2, calculate the cost of goods sold under each method. Begin by computing the cost of goods sold using LIFO (Last-in, First-out). (Leave any unused cells blank. Do not enter a "0" for any zero-balances) Inventory Layer Units Unit cost Total cost Beginning Inventory February purchases August purchases Cost of goods sold - LIFO Next, compute the cost of goods sold using FIFO (First-in, First-out). (Leave any unused cells blank. Do not enter a "0 for any zero-balances) Inventory Layer Units Unit cost Total cost Beginning inventory February purchases August purchases Cost of goods sold - FIFO Now, compute the gross margin using each method. LIFO FIFO Revenues Cost of goods sold Gross margin Linits Unit.cont Total .cost Data Table Inventory, December 31, 20X1 12,500 units at $14 $ 175,000 February purchases 26,000 units at $17 $ 442.000 August purchases 51,000 units at $20 $ 1,020,000 Sales for the year 25,000 units Print Done Requirement 2. Assume that Fisheris reporting to the tax authorities and has a 45% Income tax rate. Suppose all transactions are for cash. Which inventory method results in more cash for Fisher? By how much? (Round to the nearest whole dollar) Cash would be higher by $ Fisher used the method instead of the method Enter any number in the edit fields and then continue to the next question Elsher Implements Company had sales revenue of $785,000 in 20x2. Pertinent data for its only product in 20Xx2 included the following: Click the icon to view the data). Requirements 1. Prepare a statement of gross margin for 20X2. Use two columns, one assuming LIFO and one assuming FIFO. 2. Assume that Fisheris reporting to the tax authorities and has a 45% income tax rate. Suppose all transactions are for cash. Which Inventory method results in more cash for Fisher? By how much? Requirement 1. Prepare a statement of gross margin for 20X2 Use two columns, one assuming LIFO and one assuming FIFO. Before computing the gross margin for 20X2, calculate the cost of goods sold under each method. Begin by computing the cost of goods sold using LIFO (Last-in, First-out). (Leave any unused cells blank. Do not enter a "0" for any zero-balances) Inventory Layer Units Unit cost Total cost Beginning Inventory February purchases August purchases Cost of goods sold - LIFO Next, compute the cost of goods sold using FIFO (First-in, First-out). (Leave any unused cells blank. Do not enter a "0 for any zero-balances) Inventory Layer Units Unit cost Total cost Beginning inventory February purchases August purchases Cost of goods sold - FIFO Now, compute the gross margin using each method. LIFO FIFO Revenues Cost of goods sold Gross margin Linits Unit.cont Total .cost Data Table Inventory, December 31, 20X1 12,500 units at $14 $ 175,000 February purchases 26,000 units at $17 $ 442.000 August purchases 51,000 units at $20 $ 1,020,000 Sales for the year 25,000 units Print Done Requirement 2. Assume that Fisheris reporting to the tax authorities and has a 45% Income tax rate. Suppose all transactions are for cash. Which inventory method results in more cash for Fisher? By how much? (Round to the nearest whole dollar) Cash would be higher by $ Fisher used the method instead of the method Enter any number in the edit fields and then continue to the next question

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LIFO under LIFO method it is assumes that the inventories which are come in last will be sold out fi... View the full answer