Inventory Cost Flow Assumptions 3 4 5 Data Section D 0 0 Unit Specific Units Sold 200 50 LIFO Units Sold Unit Cost $400 $440 480 520 560 Total Cost $80.000 $44,000 24,000 104.000 84.000 256.000 $336,000 FIFO Units Sold 200 100 50 150 200 50 100 50 200 150 500 200 500 500 these totals must agree with cell B17 7 8 Purchase Date Quantity 10 Beginning Balance 200 11 Mar 7 100 12 May 13 50 13 Aug 28 200 14 Nov 20 150 15 Total purchased 500 16 Total available 700 17 Sales 500 18 Ending balance 19 20 21 Calculations 22 23 24 Cost of goods sold 25 Ending inventory cost 26 Total goods available 27 28 Answer Section 29 30 31 32 Sales 33 Cost of goods sold 34 Gross profit 35 Taxes (40%) 36 Net income 37 38 39 40 41 Sales 42 Less inventory replacement 43 44 Less taxes 45 Less dividends 46 Change in cash account 47 Specific ID FIFO LIFO Average $234.000 $226,000 $256,000 $240,000 102,000 110,000 80,000 96,000 $336,000 $336,000 $336,000 $336.000 these totals must agree with cell D16 Income Statement Specific ID FIFO LIFO Average $320,000 $320.000 $320,000 $320.000 234,000 226,000 256.000 240,000 $86,000 $94,000 $64.000 $80.000 34,400 37,600 25,600 32.000 $51.600 $56.400 $38.400 $48.000 Cash Flow Analysis Specific ID FIFO LIFO Average $320,000 $320,000 $320,000 $320,000 (256,000) (256.000) (256,000) (256,000) $64,000 $64,000 $64,000 $64,000 (34.400) (37,600) (25,600) (32.000) (25,800) (28,200) (19,200) (24,000) $3,800 ($1.800) $19.200 $8.000 Ending Inventory Costs $120,000 $100,000 $80,000 $60,000 S0000 $20,000 $0 2 3 4 5 6 7 8 9 10 11 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 + 42 43 44 45 46 47 Chart Data Table 110000 80000 98000 CHART ANALYSIS 9. Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a dellationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning