1. The following information relates to Exeter Incorporation's Inventory purchases and sales data, for the year ended 2021: Beginning Inventory..............800 units @$16 each January 10 Purchase..........................1000 units @ $14.5 each February 15 Sales...............................1800 units @ $80 each February 15 Sales Return......................100 units @ $80 each February 27 Purchase ..........................2000 units @ $14 each July 31 Purchase Return.................250 @ $15 each July 15 Purchase ..........................1500 units@ $13 each July 31 Purchase...........................500 @ $15 each May 31 Sales ...............................1100 units @ $85 each November 5 Sales................................1250 @ $85 each December 30 Sales................................1050 @ $85 each Required: Calculate the value of ending inventory on 31 December 2021 and the value of Cost of Goods sold using the following methods (Assume that the company used periodic inventory system): i. FIFO ii. LIFO 8 Marks Several other transactions took place within Exeter Incorporation is the year 2021: During the year, Exeter Incorporation paid salaries of $148,000. Exeter Corporation sold all the inventories under the term FOB Destination and paid a total of $3,500 delivery cost, for the entire year. Depreciation Expense for the year was $18,900. On November 1, 2021, Exeter Company sold an old machinery for $5,000. The actual cost of the asset is $50,000 and the accumulated deprecation on November 1 was $43,900. On December 1, 2021, Exeter Company had to pay a parking fine of $145. Page of 1 4

Required: iii. Prepare the Multiple-step Income Statement (Assume that Exeter Incorporation uses FIFO method for it's inventory valuation).