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ABC and XYZ are identical except that ABC uses the first-in-first-out (i.e., FIFO) cost-flow assumption...

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Accounting

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.

Units PurchasedCost per UnitUnits SoldPrice per UnitYear one1001.00801.75Year two1301.501252.63Year three1451.901303.33Year four402.00803.50

1a. What was the carrying value of XYZs inventory at the beginning of year two?

1b. What was the dollar value of the units purchased by XYZ during year two?

1c. What was XYZs cost of goods sold for year two?

1d. What was XYZs revenue for year two?

1e. What was XYZs gross profit for year two?

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