1. On the income statement at the end of the year in the periodic system of inventory how did the controller determine the value of ending work in process inventory?

2. What would the net income/loss be for the year using the following information? Please explain using the t chart

Jan. 1, 2010 total assets $200,000

Dec.31, 2010 total assets $275,000

Jan. 1, 2010 total liabilities $45,000

Dec. 31, 2010 total liabilities $245,000

Dividends declared and paid for year $35,000

Common Stock Sold during year $20,000