calculate income statement using FIFO, LIFO, and weighted average method.

BUSINESS CASE (100 points) Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios. During its first month of activity, the company has made the following transactions: February 2: Purchase of Pistachios: 2.500Kg@8$/kg $ 20.000 Purchase of Almonds: 4.000Kg @ 4$/kg $ 16.000 Purchase of Peanuts: 6.000Kg @ 2$/ Kg $ 12.000 February 3: Purchase of Pistachios: 1.500kg@10$/kg $15.000 Purchase of Almonds: 2.000Kg @ 5$/kg $ 10.000 Purchase of Peanuts: 2.000Kg @ 3$/ Kg $ 6.000 February 6: Sold to several clients: Pistachios: 2.000kg@ 18$/kg $36.000 Almonds: 2.500Kg @ 10$/kg $ 25.000 Peanuts: 3.000Kg @ 6$/ kg $ 18.000 February 6: Sold to Fruits Lovers Inc.: Pistachios: 500Kg @18$/kg. $ 9.000 Almonds: 1.000Kg @ 10$/kg $ 10.000 Peanuts: 1.500Kg @ 7$/ kg $ 10.500 February 12 Purchase of Pistachios: 1.500Kg@12$/Kg $ 18.000 Purchase of Almonds: 2.000Kg @ 7$/kg $ 14.000 February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @7$/kg $ 24.500 February 14: Purchase of Peanuts 6.000 Kg @3$/kg $18.000 February 19: Sold to several clients: Pistachios: 1.000Kg@ 20$/kg. $ 20.000 Almonds: 1.500Kg @ 12$/kg $ 18.000 Peanuts: 3.000Kg @ 8$/ kg $ 24.000 February 25: Purchased from various suppliers: Pistachios: 1.000Kg@12$/Kg. $ 12.000 Almonds: 1.000Kg @ 8$/kg $ 8.000 Peanuts: 1.000Kg @ 3$/ kg $ 3.000 Besides these transactions, the company has had the following expenses: Salaries: $3.000 Electricity bill: $200 Renting of equipment: $700 Rent of warehouse and office: $1.000 Miscellaneous: $1.000 2: Prepare an Income statement of the company at the end of February using as method of valuation of the inventory the average cost method, FIFO and LIFO for each one of the products sold by Jim, and calculate the balance of the inventory at the end of the month. Explain the calculations. (40 points: 30 points for the calculation and 10 for explanations)