#9 McDonald Corporation sells the product EIEIO. McDonald started the month of January 2023 with 15,000 units of EIEIO valued, in total, at $75,000. On January 6th McDonald Corporation purchased 20,000 additional units of EIEIO for $6.00 per unit (they paid cash at time of purchase). Any and all sales were made on January 20th (customers paid cash at time of sale). At the end of January, McDonald had 10,000 units of EIEIO left in inventory. McDonald Corp sells EIEIOs to consumers (typically farmers and singers) for $10/unit. Assume McDonald Corporation uses FIFO. LABEL 9A and date, 9B 10 points A) Prepare the following journal entries: Beginning Inventory (January 1, 2023) Purchases (January 6, 2023) Sales (January 20, 2023) B) Answer the following question: As of 1/31 ending inventory of $ can be found on which financial statement? #10 Similar to McDonald Corporation (in question #9), Company WWW's inventory costs per unit are increasing. Given that, answer the following questions for Company WWW: LABEL 10A, 10B, 10C, 10D, 10E 5 points A) Sales Revenue will be lower under FIFO LIFO No Difference B) Cost of Goods Sold will be lower under FIFO LIFO No Difference C) Gross Profit will be lower under FIFO LIFO No Difference D) Income Tax Expense will be lower under FIFO LIFO No Difference E) Number of units in Ending Inventory will be lower under FIFO LIFO No Difference