answer the following

1)The balance sheets at the end of each of the first two years of operations indicate the following:

Kellman Company
	Year 2	Year 1
Total current assets	$606,090	$557,755
Total investments	68,184	45,786
Total property, plant, and equipment	919,412	692,936
Total current liabilities	100,525	83,030
Total long-term liabilities	305,439	248,057
Preferred 9% stock, $100 par	94,545	94,545
Common stock, $10 par	531,730	531,730
Paid-in capital in excess of par-common stock	62,100	62,100
Retained earnings	499,347	277,015

Using the balance sheets for Kellman Company, if net income is $105,237 and interest expense is $37,035 for Year 2, what is the return on total assets for the year (round percent to two decimal points)?

a.8.12%

b.6.60%

c.9.78%

d.9.85%

2)

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020:

Beginning Inventory	132 units	@	$45 per unit
Purchases
Purchase 1 on 3/11/20	68 units	@	$47 per unit
Purchase 2 on 10/18/20	88 units	@	$50 per unit
Sales
Sale 1 on 3/15/20	125 units	@	$78 per unit
Sale 2 on 10/22/20	135 units	@	$78 per unit

All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 55 units from the 3/11/20 purchase and 80 units from the 10/18/20 purchase.

Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table.

	Specific Identification	First-In, First-Out	Last-In, First-Out	Weighted Average Cost (round to 2 decimal)
12/31/20 Balance Sheet Ending Inventory	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
2020 Income Statement
Cost of Goods Sold	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
Gross Profit