Can anyone help.Thanks Alternative Inventory Methods Habicht Company was formed

Question

Can anyone help.Thanks

Alternative Inventory Methods Habicht Company was formed in 2015 to produce a single product. The produc tion and sales for the next 4 years were as follows: 5 Production Sales Total Costs Sales Revenue Units in Ending Inventory Units Units 2015 100,000 $200,000 80,000 $400,000 20,000 2016 120,000 234,000 110,000 550,000 30,000 2017 130,000 247,000 150,000 750,000 10,000 2018 130,000 240,500 120,000 600,000 20,000 Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods a. FIFCO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) mpany's return on assets (net income divided by average total assets) wouid ext Leve be higher under FIFO or LIFO tion for 2016 is available for Marino Company

Explanation / Answer

Calculation of gross profit under FIFO Method

Calculation of gross profit under LIFO Method

Year Opening Inventory Closing Inventory Production Cost Cost/unit Unit sold Revenue Sale price 2015 - 20000 100000 200000 2 80000 400000 5 2016 20000 30000 120000 234000 1.95 110000 550000 5 2017 30000 10000 130000 247000 1.9 150000 750000 5 2018 10000 20000 130000 240500 1.85 120000 600000 5

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