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Exercise 8-30 (Algo) General ledger exercise; inventory transactions [LO8-1, 8-2, 8-3, 8-4 35,86,87,88] In January 1, 2024, Displays Incorporated had the following account balances: Erom January 1 to December 31 , the following summary transactions occurred: a. Purchased inventory on account for $347,000. b. Sold inventory on account for $655,000. The cost of the inventory sold was $327,000. c. Received $590,000 from customers on accounts receivable. d. Paid freight on inventory received, $41,000. e. Paid $337,000 to inventory suppliers on accounts payable of $346,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $59,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $167,000. The payment was recorded to Salaries Expense. fear-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $35,000. Answer is not complete. Complete this question by entering your answers in the tabs below. Using the information from the requirements above, complete the 'Analysis'. Analyze the following for Displays incorporated: (a) Suppose Displays Incorporated decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $115,000, calculate the LIFO reserve