1. Calculate ending inventory assuming opening inventory was $40,000 and purchases and COGS were $300,000 and $280,000 respectively.

2. Calculate ending equity if opening paid in capital was $100,000 and retaining earnings were $55,000, but during the year recorded an after-tax profit of $35,000 and paid dividends of $20,000. Record ending paid-in capital, retained earnings and total equity separately.