Farmer's Cart is a local produce shop that uses the periodic inventory system. Its fiscal year...

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Farmer's Cart is a local produce shop that uses the periodic inventory system. Its fiscal year end is December 31. It began the fiscal year with 700 boxes of berries at a unit cost of $2/box. During the quarter it made the following purchases: • January: 3,200 boxes @ $2.50/box February: 4,800 boxes @ $2.75/box March: 2,500 boxes @ $2.95/box 700 3a00 e 4800 Morch 2500 @ Beg Inv. Jan Feb During the year, Farmer's Cart sold 10,400 boxes of berries for $5 each. 1. Complete the following partial financial statements using the FIFO, LIFO, and Average Cost methods. You may round your final answers under Average Cost to the nearest $1. (Show your work on a separate page). FIFO LIFO Average Cost Income Statement Quarter Ending 3/31/2022 5a000 J52000 # 28325 27834. 23675 Net Sales COGS 27615 24385 24166, 07113 Gross Profit Balance Sheet 3/31/2022 1650 D141 041 Inventoni Assume Farmer's Cart has an income tax rate of 21% and Farmer's Cart uses LIFO, what is the tax savings generated by the additional purchase of 1,500 boxes of berries for $3.25/box? (Assume same quantity was sold during the quarter, i.e. 10,400 boxes). Show your work in the space below and circle your final answer. Farmer's Cart is a local produce shop that uses the periodic inventory system. Its fiscal year end is December 31. It began the fiscal year with 700 boxes of berries at a unit cost of $2/box. During the quarter it made the following purchases: • January: 3,200 boxes @ $2.50/box February: 4,800 boxes @ $2.75/box March: 2,500 boxes @ $2.95/box 700 3a00 e 4800 Morch 2500 @ Beg Inv. Jan Feb During the year, Farmer's Cart sold 10,400 boxes of berries for $5 each. 1. Complete the following partial financial statements using the FIFO, LIFO, and Average Cost methods. You may round your final answers under Average Cost to the nearest $1. (Show your work on a separate page). FIFO LIFO Average Cost Income Statement Quarter Ending 3/31/2022 5a000 J52000 # 28325 27834. 23675 Net Sales COGS 27615 24385 24166, 07113 Gross Profit Balance Sheet 3/31/2022 1650 D141 041 Inventoni Assume Farmer's Cart has an income tax rate of 21% and Farmer's Cart uses LIFO, what is the tax savings generated by the additional purchase of 1,500 boxes of berries for $3.25/box? (Assume same quantity was sold during the quarter, i.e. 10,400 boxes). Show your work in the space below and circle your final answer.

Answer rating: 100% (QA)

FIFO Beginning Inventory Purchases Cost of Goods Sold Ending Inventory Quantity Cost per unit Value ... View the full answer