Group 6

Anuj Kapoor
Siddharth Soni
Punit Pandia
Rahul Tiwari
Mukesh Sharma
Y.Manoj Kumar
Komal Tagra

Merrimack tractors
2008 income tax statement not prepared as sales not known.

Inventory
Consumption

2007 LIFO
Units
Beginning Inventory
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Avaialable for sale
COGS
Ending Inventory

15000
10000
10000
10000
10000
55000
40000
15000

Per unit
900
1000
1100
1200
1300

Cost
13500000
10000000
11000000
12000000
13000000
59500000
46000000
13500000

900
1400
1500
1600
1700

13500000
14000000
15000000
16000000
17000000
75500000
62000000
13500000

2008 LIFO
Beginning Inventory
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Avaialable for sale
COGS
Ending Inventory

15000
10000
10000
10000
10000
55000
40000
15000

INCOME STATEMENT (LIFO) 2007

Sales
COGS
Gross Margin
Selling and admin Expenses
Income before taxes
Income taxes(35%)
Net Income

67000000
46000000
21000000
10000000
11000000
3850000
7150000

Inventory
Consumption

2007 FIFO
Beginning Inventory
Purchases
Qtr 1
Qtr 2
Qtr 3
Qtr 4
Avaialable for sale
COGS
Ending Inventory

Units
Per unit Cost
15000
900
13500000
10000
1000
10000000
10000
1100
11000000
10000
1200
12000000
10000
1300
13000000
55000
59500000
40000
40500000
15000
19000000

2008 FIFO
Beginning Inventory

5000
10000
10000
10000
10000
10000
55000
40000
15000

Qtr 1
Qtr 2
Qtr 3
Qtr 4
Avaialable for sale
COGS
Ending Inventory

INCOME TAX 2007 FIFO

Sales
COGS
Gross Margin
Selling and admin Expenses
Income before taxes
Income taxes(35%)
Net Income

67000000
40500000
26500000
10000000
16500000
5775000
10725000

1200
1300
1400
1500
1600
1700

6000000
13000000
14000000
15000000
16000000
17000000
81000000
56000000
25000000