03 Jan Electronic Heaven, Inc., sells electronic merchand
Electronic Heaven, Inc., sells electronic merchandise, including a personal computer offered for the first time in September, which retails for $695. Sales of this personal computer for the next six-month period (ending February 28) totaled $52,125. Purchase records indicate the following on the amounts purchased and prices paid by Electronic Heaven: Required a. Prepare a statement for this personal computer showing its gross margin for the six-month period ending February 28 using the FIFO, average cost, and LIFO inventory methods. b. What was the gross margin percentage earned on the $52,125 sales of this personal computer? c. If all of the purchases and sales of this personal computer were for cash, what was the net pretax cash flow resulting from the purchases and sales of this personal computer? Would the use of different inventory methods change the pre-tax cash flow figure you calculated? d. Assume a tax rate of 30 percent. What would be the net after-tax cash flow using different inventory methods for tax purposes?
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