5 19 points Mc Graw Hill a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention. b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention. × Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention. Note: Round down the number of units to whole number. Cost of beginning inventory Total cost of units produced Cost of units available for sale Cost of ending inventory Cost of goods sold Book Tax $ 120,350 $ 129,340 954,500 1,016,600 1,074,850 $ 1,145,940 136,950 $ 937,900 $ 1,145,940 < Required A Required B < Prev 19 of 20 Next > Return to question Mc Graw Hill от 19 points a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention. b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention. × Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention. Note: Round down the number of units to whole number. Book Tax Cost of beginning inventory Total cost of units produced Cost of units available for sale $ 0 $ 0 Cost of ending inventory Cost of goods sold $ 0 0 Required A Required B > < Prev 19 of 20 Next > Return to question

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 3RP

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Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,150 units of product and incurred $230,000 direct material cost and $149,500 direct labor costs. For financial statement purposes, XYZ capitalized $97,750 indirect costs to inventory. For tax purposes, it had to capitalize $133,400 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 290 units in inventory. In its second year of operations, XYZ manufactured 2,300 units of product and incurred $478,400 direct material cost and $316,250 direct labor costs. For financial statement purposes, XYZ capitalized $159,850 indirect costs to inventory. For tax purposes, it had to capitalize $221,950 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 330 items in inventory.

Required:

Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention.
Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention.

5
19
points
Mc
Graw
Hill
a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO
costing convention.
b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO
costing convention.
× Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO
costing convention.
Note: Round down the number of units to whole number.
Cost of beginning inventory
Total cost of units produced
Cost of units available for sale
Cost of ending inventory
Cost of goods sold
Book
Tax
$
120,350
$
129,340
954,500
1,016,600
1,074,850 $ 1,145,940
136,950
$
937,900 $ 1,145,940
< Required A
Required B
< Prev
19 of 20
Next >
Return to question

Mc
Graw
Hill
от
19
points
a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO
costing convention.
b. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO
costing convention.
× Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO
costing convention.
Note: Round down the number of units to whole number.
Book
Tax
Cost of beginning inventory
Total cost of units produced
Cost of units available for sale
$
0
$
0
Cost of ending inventory
Cost of goods sold
$
0
0
Required A
Required B
>
< Prev
19 of 20
Next >
Return to question

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