In 20X8, Mehrabi Company had sales revenue of £444,000 for a line of woolen scarves. The company…
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In 20X8, Mehrabi Company had sales revenue of £444,000 for a line of woolen scarves. The company uses a periodic inventory system. Pertinent data for 20X8 included the following:,1. Prepare a statement of gross margin for 20X8. Use two columns, one assuming LIFO and one assuming FIFO. ,2. Assume a 40% income tax rate. Suppose all transactions were for cash. Which inventory method would result in more cash for Mehrabi Company, and by howmuch?
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