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PROBLEM THREE 20 POINTS USE THE FOLLOWING PURCHASES AND SALES OF FINISHED GOODS IN PREPARING YOUR ANSWERS TO THE REQUIRED QUESTIONS: DATE #SOLD -PURCHASED EVNIT-PURCHASED 100 10 75 15 20 15 20 40 20 12 12 13 12 14 25 13 15 35 27 25 30 1. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE PERIODIC FIFO INVENTORY SYSTEM. 2. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE PERIODIC LIFO INVENTORY SYSTEM 3. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE WEIGHTED AVERAGE INVENTORY SYSTEM. 4WHICH SYSTEM w0ULD YOU USE IF YOU WANTED TO MINIMIZE TAXES? Problem 5-12 Inventory Costing Methods-Periodic System xendine Company's inventory records for the month of November reveal the following Inventory, November 1 November 4, purchase November 7, sale November 13, purchase November 18, purchase November 22, sale November 24, purchase November 28, sale 200 units @$18.00 250 units $18.50 300 units $42.00 220 units@ $18.90 150 units @$19.00 380 units @ $42.50 200 units $19.20 110 units $43.00 elling and administrative expenses for the month were $10,800. Depreciation expense was 4,000, Oxendine's tax rate is 35%. equired Calculate the cost of goods sold and ending inventory under each of the following three meth ods assuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average Calculate the gross profit and net income under each costing assumption. Under which costing method will Oxendine pay the least taxes? Explain your answer Assume that Oxendine prepares its financial statements in accordance with IFRS. Which costing method should the company use to pay the least amount of taxes? Explain your answer PROBLEM THREE 20 POINTS USE THE FOLLOWING PURCHASES AND SALES OF FINISHED GOODS IN PREPARING YOUR ANSWERS TO THE REQUIRED QUESTIONS: DATE #SOLD -PURCHASED EVNIT-PURCHASED 100 10 75 15 20 15 20 40 20 12 12 13 12 14 25 13 15 35 27 25 30 1. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE PERIODIC FIFO INVENTORY SYSTEM. 2. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE PERIODIC LIFO INVENTORY SYSTEM 3. CALCULATE THE COST OF GOODS SOLD AND THE ENDING INVENTORY FOR A MERCHANDISING COMPANY USING THE WEIGHTED AVERAGE INVENTORY SYSTEM. 4WHICH SYSTEM w0ULD YOU USE IF YOU WANTED TO MINIMIZE TAXES? Problem 5-12 Inventory Costing Methods-Periodic System xendine Company's inventory records for the month of November reveal the following Inventory, November 1 November 4, purchase November 7, sale November 13, purchase November 18, purchase November 22, sale November 24, purchase November 28, sale 200 units @$18.00 250 units $18.50 300 units $42.00 220 units@ $18.90 150 units @$19.00 380 units @ $42.50 200 units $19.20 110 units $43.00 elling and administrative expenses for the month were $10,800. Depreciation expense was 4,000, Oxendine's tax rate is 35%. equired Calculate the cost of goods sold and ending inventory under each of the following three meth ods assuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average Calculate the gross profit and net income under each costing assumption. Under which costing method will Oxendine pay the least taxes? Explain your answer Assume that Oxendine prepares its financial statements in accordance with IFRS. Which costing method should the company use to pay the least amount of taxes? Explain your