Question

DOT-Mobile 4:28 he Tiger Company began business on January 1, 2016 by issaing 5000 shares of stock at $5 eac during 2016 Tiger lan 5th purchased 1000 units of inventory at $5 each March 20th purchased 2000 units of inventory at $7 each luly 31st purchased 3000 units of inventory at $8 each October 13ti purchased 4000 units of inventory at $10 each Dec. 11th purchased S000 units of inventory at $11 each On December 31st a count of the warehouse showed 1200 units Tiger sold ins units for $14 each Tiger is in the 20% tax bracket On December 31st Tiger had no receivables or payables For 2016 al using FIFO determine: cost of goods sokd, ending inventory, net income and ending cash b) using LFO determine: cost of goods sold, ending inventory, net income and ending cah using averape cost determine cost of goods sold, ending inventory, net income and ending cash In 2017 Tiger lan. 12th purchased 4000 units of inventory at 512 each Mar. 22nd purchased 5000 units of inventory at $13 each o buly 1st purchased 5000 units of inventory at $14 each Dec. 1 ll purchased 4000 units of inventory at $13 each On December 31st a count of the warehouse showed 4400 units e On December 31st Tiger has no receivables or payables 2017, Tiger is in the 30% tax bracket sold ies units for $18 each In 2017 Tiger an, 12th purchased 4000 units of inventory at $12 each Mar. 22nd purchased S000 units of inventory at $13 each luly 1st purchased 5000 units of inventory at $14 each Dec. 1purchased 4000 units of inventory at $13 each On December 31st a count of the warehouse showed 4400 units On December 31st Tiger has no receivables or payables in 2017, Tiger is in the 30% tax bracket Tiger sold its units for $18 each for 2017 a) using FIFO determine cost of goods sold, ending inventory, net income and ending cash using LIFO determine cost of goods sold, ending inventory, net income and ending cash ) using average cost determine cost of goods sold, ending inventory, net income and ending cash How much cash did Tiger save (or lose) using LIFO instead of FIFO7

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