SlideShare a Scribd company logo
1 of 1
Download to read offline
You are the vice president of finance of Wildhorse Corporation, a retail company that prepared two
different schedules of gross margin for the first quarter ended March 31, 2025. These schedules
appear below. The computation of cost of goods sold in each schedule is based on the following
data. Carol Garcia, the president of the corporation, cannot understand how two different gross
margins can be computed from the same set of data. As the vice president of finance, you have
explained to Ms. Garcia that the two schedules are based on different. assumptions concerning
the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared
in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of
goods sold and supporting schedules showing the composition of the ending inventory under both
cost flow assumptions. (Enter cost per unit to 2 decimal places, e, g. 5, 125.)Carol Garcia, the
president of the corporation, cannot understand how two different gross margins can be computed
from the same set of data. As the vice president of finance, you have explained to Ms. Garcia that
the two schedules are based on different assumptions concerning the flow of inventory costs, i.e.,
FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow
assumptions. Prepare two separate schedules computing cost of goods sold and supporting
schedules showing the composition of the ending inventory under both cost flow assumptions.
(Enter cost per unit to 2 decimal places, e. g. 5.125.) Schedules Computing Ending
Inventory.Schedules Computing Ending Inventory.

More Related Content

Similar to You are the vice president of finance of Wildhorse Corporati.pdf

Water Play Project
Water Play ProjectWater Play Project
Water Play Project
Brent Caron
 
Fiscal 2017Annual ReportUNITED STATES SECURITIES
Fiscal 2017Annual ReportUNITED STATES SECURITIESFiscal 2017Annual ReportUNITED STATES SECURITIES
Fiscal 2017Annual ReportUNITED STATES SECURITIES
ShainaBoling829
 
httpwww.edgar-online.com UNITED STATES SECURIT.docx
httpwww.edgar-online.com  UNITED STATES SECURIT.docxhttpwww.edgar-online.com  UNITED STATES SECURIT.docx
httpwww.edgar-online.com UNITED STATES SECURIT.docx
adampcarr67227
 
Please respond in 150 with what you understand from the  reading bel.docx
Please respond in 150 with what you understand from the  reading bel.docxPlease respond in 150 with what you understand from the  reading bel.docx
Please respond in 150 with what you understand from the  reading bel.docx
DIPESH30
 
HSBC Finance Corporation results presentation
HSBC Finance Corporation results presentation HSBC Finance Corporation results presentation
HSBC Finance Corporation results presentation
QuarterlyEarningsReports2
 
Greene Company Miriam Aranda .docx
Greene Company Miriam Aranda .docxGreene Company Miriam Aranda .docx
Greene Company Miriam Aranda .docx
whittemorelucilla
 
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdfCBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
HariprakarshNimi
 

Similar to You are the vice president of finance of Wildhorse Corporati.pdf (20)

Water Play Project
Water Play ProjectWater Play Project
Water Play Project
 
Target Case (Static) [ LO17-3, 17-4, 17-5, 17-6] Target Corporation p.pdf
Target Case (Static) [ LO17-3, 17-4, 17-5, 17-6] Target Corporation p.pdfTarget Case (Static) [ LO17-3, 17-4, 17-5, 17-6] Target Corporation p.pdf
Target Case (Static) [ LO17-3, 17-4, 17-5, 17-6] Target Corporation p.pdf
 
Fiscal 2017Annual ReportUNITED STATES SECURITIES
Fiscal 2017Annual ReportUNITED STATES SECURITIESFiscal 2017Annual ReportUNITED STATES SECURITIES
Fiscal 2017Annual ReportUNITED STATES SECURITIES
 
httpwww.edgar-online.com UNITED STATES SECURIT.docx
httpwww.edgar-online.com  UNITED STATES SECURIT.docxhttpwww.edgar-online.com  UNITED STATES SECURIT.docx
httpwww.edgar-online.com UNITED STATES SECURIT.docx
 
EY IFRS vs US GAAP
EY IFRS vs US GAAPEY IFRS vs US GAAP
EY IFRS vs US GAAP
 
Please respond in 150 with what you understand from the  reading bel.docx
Please respond in 150 with what you understand from the  reading bel.docxPlease respond in 150 with what you understand from the  reading bel.docx
Please respond in 150 with what you understand from the  reading bel.docx
 
Uop acc 497 final exam guide (new, 2017) new
Uop acc 497 final exam guide (new, 2017) newUop acc 497 final exam guide (new, 2017) new
Uop acc 497 final exam guide (new, 2017) new
 
HSBC Finance Corporation results presentation
HSBC Finance Corporation results presentation HSBC Finance Corporation results presentation
HSBC Finance Corporation results presentation
 
Hibbert Sports 2008 Annual Report
Hibbert Sports 2008 Annual ReportHibbert Sports 2008 Annual Report
Hibbert Sports 2008 Annual Report
 
Wrk mar 2017 investor presentation final
Wrk mar 2017 investor presentation finalWrk mar 2017 investor presentation final
Wrk mar 2017 investor presentation final
 
Greene Company Miriam Aranda .docx
Greene Company Miriam Aranda .docxGreene Company Miriam Aranda .docx
Greene Company Miriam Aranda .docx
 
Daseke, inc. – consolidating north america’s open deck transportation & l...
Daseke, inc. – consolidating north america’s open deck transportation & l...Daseke, inc. – consolidating north america’s open deck transportation & l...
Daseke, inc. – consolidating north america’s open deck transportation & l...
 
16 q2 earnings deck final v2
16 q2 earnings deck final v216 q2 earnings deck final v2
16 q2 earnings deck final v2
 
Royal Dutch Shell first quarter 2019 results
Royal Dutch Shell first quarter 2019 resultsRoyal Dutch Shell first quarter 2019 results
Royal Dutch Shell first quarter 2019 results
 
Background paper for relevant differences between US GAAP and IFRS
Background paper for relevant differences between US GAAP and IFRSBackground paper for relevant differences between US GAAP and IFRS
Background paper for relevant differences between US GAAP and IFRS
 
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdfCBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
CBSE-Class-12-Acc-Notes-Cash-Flow-Statement.pdf
 
Daseke, inc. – consolidating north america’s open deck transportation & l...
Daseke, inc. – consolidating north america’s open deck transportation & l...Daseke, inc. – consolidating north america’s open deck transportation & l...
Daseke, inc. – consolidating north america’s open deck transportation & l...
 
Lockease financial statements
Lockease   financial statementsLockease   financial statements
Lockease financial statements
 
Dske q1 2017 investor deck v f
Dske q1 2017 investor deck v fDske q1 2017 investor deck v f
Dske q1 2017 investor deck v f
 
Dske investor short deck (8.10.2017)
Dske investor short deck (8.10.2017)Dske investor short deck (8.10.2017)
Dske investor short deck (8.10.2017)
 

More from shanth8

You are to consider the design of a web app to help a night .pdf
You are to consider the design of a web app to help a night .pdfYou are to consider the design of a web app to help a night .pdf
You are to consider the design of a web app to help a night .pdf
shanth8
 

More from shanth8 (20)

You have been assigned to a project team to develop a new pr.pdf
You have been assigned to a project team to develop a new pr.pdfYou have been assigned to a project team to develop a new pr.pdf
You have been assigned to a project team to develop a new pr.pdf
 
You have been appointed as the information security officer .pdf
You have been appointed as the information security officer .pdfYou have been appointed as the information security officer .pdf
You have been appointed as the information security officer .pdf
 
You have a single linked list Write the pseudo stepbyste.pdf
You have a single linked list Write the pseudo stepbyste.pdfYou have a single linked list Write the pseudo stepbyste.pdf
You have a single linked list Write the pseudo stepbyste.pdf
 
You have a large set of data with n elements where n will t.pdf
You have a large set of data with n elements where n will t.pdfYou have a large set of data with n elements where n will t.pdf
You have a large set of data with n elements where n will t.pdf
 
You have a data set with 48 observations If it is approxima.pdf
You have a data set with 48 observations If it is approxima.pdfYou have a data set with 48 observations If it is approxima.pdf
You have a data set with 48 observations If it is approxima.pdf
 
You find a pool of water deep in a cave with some unusual ge.pdf
You find a pool of water deep in a cave with some unusual ge.pdfYou find a pool of water deep in a cave with some unusual ge.pdf
You find a pool of water deep in a cave with some unusual ge.pdf
 
You do not have to write in sentencesparagraphs just gather.pdf
You do not have to write in sentencesparagraphs just gather.pdfYou do not have to write in sentencesparagraphs just gather.pdf
You do not have to write in sentencesparagraphs just gather.pdf
 
You attend a meeting after receiving an email the day before.pdf
You attend a meeting after receiving an email the day before.pdfYou attend a meeting after receiving an email the day before.pdf
You attend a meeting after receiving an email the day before.pdf
 
You can define a word array as following data array word.pdf
You can define a word array as following data array word.pdfYou can define a word array as following data array word.pdf
You can define a word array as following data array word.pdf
 
You are to consider the design of a web app to help a night .pdf
You are to consider the design of a web app to help a night .pdfYou are to consider the design of a web app to help a night .pdf
You are to consider the design of a web app to help a night .pdf
 
You are in the ER and the ER nurse rushes in to get you to i.pdf
You are in the ER and the ER nurse rushes in to get you to i.pdfYou are in the ER and the ER nurse rushes in to get you to i.pdf
You are in the ER and the ER nurse rushes in to get you to i.pdf
 
You are given the null and alternative hypotheses shown belo.pdf
You are given the null and alternative hypotheses shown belo.pdfYou are given the null and alternative hypotheses shown belo.pdf
You are given the null and alternative hypotheses shown belo.pdf
 
You are given data for a population The AA individuals aver.pdf
You are given data for a population The AA individuals aver.pdfYou are given data for a population The AA individuals aver.pdf
You are given data for a population The AA individuals aver.pdf
 
You are given the following data concerning Freedonia a leg.pdf
You are given the following data concerning Freedonia a leg.pdfYou are given the following data concerning Freedonia a leg.pdf
You are given the following data concerning Freedonia a leg.pdf
 
You are required to elaborate biodata of the TWO 2 Quality.pdf
You are required to elaborate biodata of the TWO 2 Quality.pdfYou are required to elaborate biodata of the TWO 2 Quality.pdf
You are required to elaborate biodata of the TWO 2 Quality.pdf
 
You are the public relations coordinator for a major cruise .pdf
You are the public relations coordinator for a major cruise .pdfYou are the public relations coordinator for a major cruise .pdf
You are the public relations coordinator for a major cruise .pdf
 
You are given the following information S12345678.pdf
You are given the following information S12345678.pdfYou are given the following information S12345678.pdf
You are given the following information S12345678.pdf
 
You are given a list L and another list P containing in.pdf
You are given a list L and another list P containing in.pdfYou are given a list L and another list P containing in.pdf
You are given a list L and another list P containing in.pdf
 
You are given a 5 x 6 board and a robot initially placed at .pdf
You are given a 5 x 6 board and a robot initially placed at .pdfYou are given a 5 x 6 board and a robot initially placed at .pdf
You are given a 5 x 6 board and a robot initially placed at .pdf
 
You are part of the United Nations UN security audit team .pdf
You are part of the United Nations UN security audit team .pdfYou are part of the United Nations UN security audit team .pdf
You are part of the United Nations UN security audit team .pdf
 

Recently uploaded

Gardella_PRCampaignConclusion Pitch Letter
Gardella_PRCampaignConclusion Pitch LetterGardella_PRCampaignConclusion Pitch Letter
Gardella_PRCampaignConclusion Pitch Letter
MateoGardella
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
QucHHunhnh
 
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in DelhiRussian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
kauryashika82
 
Activity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdfActivity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdf
ciinovamais
 

Recently uploaded (20)

Advanced Views - Calendar View in Odoo 17
Advanced Views - Calendar View in Odoo 17Advanced Views - Calendar View in Odoo 17
Advanced Views - Calendar View in Odoo 17
 
Unit-IV; Professional Sales Representative (PSR).pptx
Unit-IV; Professional Sales Representative (PSR).pptxUnit-IV; Professional Sales Representative (PSR).pptx
Unit-IV; Professional Sales Representative (PSR).pptx
 
APM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across SectorsAPM Welcome, APM North West Network Conference, Synergies Across Sectors
APM Welcome, APM North West Network Conference, Synergies Across Sectors
 
fourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writingfourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writing
 
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptxSOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
 
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphZ Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
 
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
SECOND SEMESTER TOPIC COVERAGE SY 2023-2024 Trends, Networks, and Critical Th...
 
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
 
Accessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactAccessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impact
 
Gardella_PRCampaignConclusion Pitch Letter
Gardella_PRCampaignConclusion Pitch LetterGardella_PRCampaignConclusion Pitch Letter
Gardella_PRCampaignConclusion Pitch Letter
 
microwave assisted reaction. General introduction
microwave assisted reaction. General introductionmicrowave assisted reaction. General introduction
microwave assisted reaction. General introduction
 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
 
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
 
Holdier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdfHoldier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdf
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
 
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in DelhiRussian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
Russian Escort Service in Delhi 11k Hotel Foreigner Russian Call Girls in Delhi
 
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
 
Activity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdfActivity 01 - Artificial Culture (1).pdf
Activity 01 - Artificial Culture (1).pdf
 
How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17
 
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptxINDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
 

You are the vice president of finance of Wildhorse Corporati.pdf

  • 1. You are the vice president of finance of Wildhorse Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2025. These schedules appear below. The computation of cost of goods sold in each schedule is based on the following data. Carol Garcia, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Garcia that the two schedules are based on different. assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimal places, e, g. 5, 125.)Carol Garcia, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Garcia that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimal places, e. g. 5.125.) Schedules Computing Ending Inventory.Schedules Computing Ending Inventory.