Astro Languet established Blue Spruce Co. as a sole proprietorship on January 5, 2017. At the companys year end of December 31, 2017, the accounts had the following balances (in thousands):

Current assets, excluding inventory		$10
Other assets		107
Current liabilities		31
Long-term bank loan		51
Owners investment (excluding income)		41
Purchases during year
Jan. 2: 5,100 @ $11		56.10
June 30: 8,160 @ $12		97.92
Dec. 10: 6,120 @ $16		97.92
		251.94
Sales		285.94
Other expenses		40.00

A count of ending inventory on December 31, 2017, showed there were 4,080 units on hand. Astro is now preparing financial statements for the year. He is aware that inventory may be costed using the FIFO or weighted average cost formula. He is unsure of which one to use and asks for your assistance. In discussions with Astro, you learn the following.

1.		Suppliers to Blue Spruce provide goods at regular prices as long as Blue Spruces current ratio is at least 2 to 1. If this ratio is lower, the suppliers increase their price by 10% in order to compensate for what they consider to be a substantial credit risk.
2.		The terms of the long-term bank loan include the banks ability to demand immediate repayment of the loan if the debt to total assets ratio is greater than 45%.
3.		Astro thinks that, for the company to be a success, the rate of return on total assets should be at least 30%.
4.		Astro has an agreement with the companys only employee that, for each full percentage point above a 25% rate of return on total assets, she will be given an additional one day off with pay in the following year.

Prepare an income statement and a year-end balance sheet, assuming the company applies: (1) the FIFO cost formula and (2) the weighted average cost formula. (Enter amounts in thousands. List Current Assets in order of liquidity. Round weighted average cost and final answers to 2 decimal places, e.g. 52.75.) Statement of income FIFO Weighted Average Sales Cost of Goods Sold Purchases | Less Ending Inventory Gross Profit / (Loss Other expenses Net income / (Loss) Balance sheet FIFO Weighted Average Current Assets, Excluding Inventory Inventory Total Current Assets Other Assets Total Assets Current Liabilities Long-term Bank Loan Total Liabilities Astro Languet, Capital Total Liabilities and Owners' Equity Recalculate the key ratios given each formula in (a). (Round current ratio answers to 2 decimal places, e.g. 52.75 and all other answers to 1 decimal place, e.g. 527.5) FIFO Weighted average Current ratio Debt to total assets ratio Rate of return on total assets