tion and sales for the next 4 years were as follows: Habicht Company was formed in...

  

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tion and sales for the next 4 years were as follows: Habicht Company was formed in 2015 to produce a single product. The produc Production Sales Total Sales Units in Ending Inventory Units Costs Units Revenue 2015 100,000 2016 120,000 2017 130,000 2018 130,000 $200,000 234,000 247,000 240,500 80,000 110,000 150,000 120,000 $400,000 550,000 750,000 600,000 20,000 30,000 10,000 20,000 Required: 1. Determine the gross profit for each year under cach of the following periodic inventory methods FIFO a. b. LIFO Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the company's return on assets (net income divided by average total asets) would be higher under FIFO or LIFO. C. tion and sales for the next 4 years were as follows: Habicht Company was formed in 2015 to produce a single product. The produc Production Sales Total Sales Units in Ending Inventory Units Costs Units Revenue 2015 100,000 2016 120,000 2017 130,000 2018 130,000 $200,000 234,000 247,000 240,500 80,000 110,000 150,000 120,000 $400,000 550,000 750,000 600,000 20,000 30,000 10,000 20,000 Required: 1. Determine the gross profit for each year under cach of the following periodic inventory methods FIFO a. b. LIFO Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the company's return on assets (net income divided by average total asets) would be higher under FIFO or LIFO. C.