Business, 17.02.2020 20:13 princessammarah4731

Study Appendix 16A. Kalitzki Implements Company had sales revenue of $710,000 in 20X2. Pertinent data for its only
product in 20X2 included the following:
Inventory, December 31, 20X1 15,000 units at $12 $180,000
February purchases 20,000 units at $14280,000
August purchases 34,000 units at $16 544,000
Sales for the year 30,000 units
1. Prepare a statement of gross margin for 20X2. Use two columns, one assuming LIFO and one assuming FIFO.
2. Assume that Kalitzki is reporting to the tax authorities and has a 45% income tax rate. Suppose all transactions are for
cash. Which inventory method results in more cash for Kalitzki? By how much?

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Study Appendix 16A. Kalitzki Implements Company had sales revenue of $710,000 in 20X2. Pertinent dat...

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