What was the carrying value of ABC’s inventory at the beginning of year one?

Requirements: I need to fill in the blanks

ABC and XYZ are identical except that ABC uses the first-in-first-out (i.e., FIFO) cost-flow assumption when accounting for its inventory whereas XYZ uses the last-in-first-out (i.e., LIFO) cost-flow assumption. In the schedule shown below, you are provided with information by year about: (1) the numbers of units purchased (i.e., Units Purchased) by each company; (2) the cost that each company paid for each unit it purchased (i.e., Cost per Unit); (3) the number of units that each company sold (i.e., Units Sold); and (4) the per unit sales price that each company charged its customers (i.e., Price per Unit). You are provided with only one schedule because the two companies are identical except for the cost-flow assumptions that they use when accounting for their inventory.

Note that there are a lot of questions in Part 2. However, if you set up a schedule and a general approach, it shouldn’t take you too long to answer all of them. In addition, I suggest that you to first attempt to answer all the questions on your own. Then, meet with other classmates and work together.

To elaborate on the above, I would start with the following schedule:

Next, I would fill in the blanks. For example, I would calculate beginning inventory for year one, then purchases for year one, then ending inventory, then cost of goods sold, etc. And, I would repeat this for each year until the schedule is complete. Then, I would answer the questions in Canvas.

When entering your numerical answers in Canvas:

Always enter a number, e.g., if the answer is zero, you would enter 0 (i.e., the number 0).

Round all of your answers to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 2

Question 2

What was the carrying value of ABC’s inventory at the beginning of year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 3

Question 3

What was the dollar value of the units purchased by ABC during year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 4

Question 4

What was the carrying value of ABC’s inventory at the end of year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 5

Question 5

What was ABC’s cost of goods sold for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 6

Question 6

What was ABC’s revenue for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 7

Question 7

What was ABC’s gross profit for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 8

Question 8

What was the dollar value of the units purchased by ABC during year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 9

Question 9

What was the carrying value of ABC’s inventory at the end of year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 10

Question 10

What was ABC’s cost of goods sold for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 11

Question 11

What was ABC’s revenue for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 12

Question 12

What was ABC’s gross profit for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 13

Question 13

What was the dollar value of the units purchased by ABC during year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 14

Question 14

What was the carrying value of ABC’s inventory at the end of year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 15

Question 15

What was ABC’s cost of goods sold for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 16

Question 16

What was ABC’s revenue for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 17

Question 17

What was ABC’s gross profit for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 18

Question 18

What was the dollar value of the units purchased by ABC during year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 19

Question 19

What was the carrying value of ABC’s inventory at the end of year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 20

Question 20

What was ABC’s cost of goods sold for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 21

Question 21

What was ABC’s revenue for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 22

Question 22

What was ABC’s gross profit for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 23

Question 23

What was the carrying value of XYZ’s inventory at the beginning of year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 24

Question 24

What was the dollar value of the units purchased by XYZ during year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 25

Question 25

What was the carrying value of XYZ’s inventory at the end of year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 26

Question 26

What was XYZ’s cost of goods sold for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 27

Question 27

What was XYZ’s revenue for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 28

Question 28

What was XYZ’s gross profit for year one? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 29

Question 29

What was the dollar value of the units purchased by XYZ during year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 30

Question 30

What was the carrying value of XYZ’s inventory at the end of year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 31

Question 31

What was XYZ’s cost of goods sold for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 32

Question 32

What was XYZ’s revenue for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 33

Question 33

What was XYZ’s gross profit for year two? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 34

Question 34

What was the dollar value of the units purchased by XYZ during year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 35

Question 35

What was the carrying value of XYZ’s inventory at the end of year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 36

Question 36

What was XYZ’s cost of goods sold for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 37

Question 37

What was XYZ’s revenue for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 38

Question 38

What was XYZ’s gross profit for year three? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 39

Question 39

What was the dollar value of the units purchased by XYZ during year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 40

Question 40

What was the carrying value of XYZ’s inventory at the end of year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 41

Question 41

What was XYZ’s cost of goods sold for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 42

Question 42

What was XYZ’s revenue for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 43

Question 43

What was XYZ’s gross profit for year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

Flag question: Question 44

Question 44

What was the difference between ABC’s retained earnings at the end of year four and XYZ’s retained earnings at the end of year four? Round your answer to the nearest integer. For example, if the correct answer is 1.49, you would enter 1. However, if the correct answer is 1.51, you would enter 2.

 

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