Balance Sheet Shannon Co. Balance Sheet December 31, 20X5 Current assets Cash Accounts receivable Inventory (18.000 units $10 per unit) Total current assets Noncurrent assets Equipment Accumulated depreciation Total noncurrent assets Total assets $250,000 27.000 180.000 $457.000 $ 76,000 (24000) $ 52.000 $509,000 Current liabilities Accounts payable Accrued expenses Total current liabilities Noncurrent liabilities Total liabilities $ 68,000 15,000 $ 83,000 59.000 $142.000 Shareholders' equity Retained earnings Common stock Total shareholders equity Total liabilities and shareholders' equity $267.000 100,000 $367000 $509.000 Sales Report Sales by Quarter December 31, 20X6 03 1 Customer KPL Corp Jordan Sales, Inc AMD Automatic Parts HUSKY CO Brown's Supply Wentz International The Peacock Group Units sold 01 0 2,000 1,200 0 0 37800 0 7,000 02 7000 1 0 ,600 3,000 .300 1 04 5.300 1200 1,700 4,000 6.400 Total 122300 6,600 5,800 8.400 12,500 3,400 1,300 1,400 800 4,500 3.600 15,000 5 1 .100 18,000 1.400 20,000 6.100 60,000 Invoice of purchase for Quarter 1 157 Industrial Blvd Anderson, SC 54895 Sold to: Invoice no: 82513 Shannon Co. Date: 12/31/20X5 359 Main St PO: 121685 Gainesville, FL 32605 Terms: Net 30 FOB destination Product ID Description Quantity Unit price Amount 745-256 Large widgets 22,000 $10.20 $224,400.00 Amount due $224,400.00 Invoice of purchase for Quarter 2 Kudzu Manufacturing Company 157 Industrial Blvd Anderson, SC 54895 Sold to: Invoice no: 82798 Shannon Co. Date: 03/27/20X6 359 Main St PO: 31672 Gainesville, FL 32605 Terms: Net 30 FOB destination Product ID Description Quantity Unit price Amount 745-256 Large widgets 25,000 9.8 $245,000.00 Amount due $245,000.00 Invoice of purchase for Quarter 3 Kudzu Manufacturing Company 157 Industrial Blvd Anderson, SC 54895 Sold to: Invoice no: 82945 Shannon Co. Date: 06/29/20X6 359 Main St PO: 61646 Gainesville, FL 32605 Terms: Net 30 FOB destination Product ID Description Quantity Unit price Amount 745-256 Large widgets 23,000 $9.50 $218,500.00 Amount due $218,500.00 Invoice of purchase for Quarter 4 Kudzu Manufacturing Company 157 Industrial Blvd Anderson, SC 54895 Sold to: Invoice no: 83251 Shannon Co. Date: 09/30/20X6 359 Main St PO: 91669 Gainesville, FL 32605 Terms: Net 30 FOB destination Product ID Description Quantity Unit price Amount 745-256 Large widgets 17,000 $9.70 $164,900.00 Amount due $164,900.00 Scroll down to complete all parts of this task. Assume Shannon sold inventory at the ends of each quarter (Mar. 31, Jun 30, Sept. 30, and Dec. 31). For the inventory at the end of 20X6, determine the inventory costs for each ending inventory layer under (1) LIFO periodic method. Also determine the inventory costs for each ending inventory layer under (2) LIFO perpetual method and (3) FIFO method. Enter all amounts as positive numbers. If the correct answer is zero (0), enter a zero (O) Ending Inventory Layers Inventory Cost (LIFO Periodic) Inventory Cost (LIFO Perpetual) Inventory Cost 1. Beginning inventory January 2 Purchases Quarter 1 ended March 31) 3. Purchases Ouarter 2 (ended June 30 4. Purchases Quarter 3 ended September 30) 5 Purchases Quarter 4 (ended at December 31) 6 Ending inventory December 31