10 points QUESTION 1 Alex Shephard owns and operates the Shephard Supplies Corp. merchandising company. The following information relates to one of the Shephard Supplies Corp.'s products for the month of December, 2018. December 1 inventory: 320 units @ $240 per unit December 10 purchases: 2,800 units @ $250 per unit December 20 purchases: 3,200 units @ $255 per unit December 15 sales: 2,720 units @ $400 per unit (sales price) December 28 sales: 3,190 units @ $400 per unit (sales price) December 31 inventory: 410 units Historically, Shephard Supplies Corp.'s operating expenses averaged 25% of sales revenue and its income taxes expense averaged 40% of income before taxes. The Shephard Supplies Corp. is trying to calculate the company's performance during December, 2018 if the company uses the FIFO inventory method. Required: 1. Prepare the following table summarizing the Shephard Supplies Corp. inventory activity in December (DO NOT INSERT S in the answer brackets). company uses the FIFOinventory method. Required Prepare the following table summarizing the Shephard Supplies Corp. inventory activity in December (DO NOT INSERT S in the answer brackets). 1. Item Units Amounts Beginning inventory 12/1/18 320 76,800 Purchase 12/10/18 700,000 2,800 Purchase 12/20/18 816,000 3,200 $1,592,800 6,320 Merchandise available for sale Cost of goods sold 2,364,000 5,910 Ending inventory 12/31/18 104,550 410 Sav Save All Answers 10 points Saw QUESTION 2 Prepare the Shephard Supplies Corp. income statement for December 2018 (DO NOT INSERT $ in the answer brackets) Shephard Supplies Corp. Income Statement For the Month Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Income before taxes Income taxes expense $170,850 Net income Sav Save All Answers