CAN SOMEONE HELP ME FIGURE THIS PROBLEM OUT PLEASE :)

Value-Stream Reporting with Inventory Decrease

Shorts Manufacturing, Inc., has implemented lean manufacturing in its Kansas City plant as a pilot program. One of its value streams produces a family of small electric tools. The value-stream team managers were quite excited about the results, as some of their efforts to eliminate waste were proving to be effective. During the most recent three weeks, the following data pertaining to the electric tool value stream were collected:

Week l:

Demand	= 120 units @ $45
Beginning inventory	= 5 units @ $20 ($5 materials and $15 conversion)
Production	= 120 units using $450 of materials and $1,250 of conversion cost

Week 2:

Demand	= 130 units @ $45
Beginning inventory	= 5 units @ $20 ($5 materials and $15 conversion)
Production	= 120 units using $450 of materials and $1,250 of conversion cost

Week 3:

Demand	= 120 units @ $45
Beginning inventory	= 0
Production	= 130 units using $600 of materials and $1,550 of conversion cost

Required:

1. Prepare a traditional income statement for each week.

Shorts Manufacturing, Inc. Traditional Income Statement

	Week 1	Week 2	Week 3
Change in inventoryConversion costCost of goods soldMaterialsSalesSales	$Sales	$Sales	$Sales
Change in inventoryConversion costCost of goods soldMaterialsSalesCost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Gross profit	$fill in the blank	fill in the blank	$fill in the blank

2. Calculate the average value-stream product cost for each week. If required, round your answers to the nearest cent.

Week 1	$fill in the blank
Week 2	$fill in the blank
Week 3	$fill in the blank

3. Prepare a value-stream income statement for each week. Assume that any increase in inventory is valued at average cost. If an amount is zero, enter "0".

Shorts Manufacturing, Inc. Value-Stream Income Statement

	Week 1	Week 2	Week 3
Change in inventoryConversion costMaterialsSalesValue-stream profitSales	$Sales	$Sales	$Sales
Change in inventoryCost of goods soldMaterialsSalesValue-stream profitMaterials	Materials	Materials	Materials
Conversion costCost of goods soldChange in inventorySalesValue-stream profitConversion cost	Conversion cost	Conversion cost	Conversion cost
Value-stream profit	$fill in the blank	$fill in the blank	$fill in the blank
Change in inventoryConversion costMaterialsSalesValue-stream profitChange in inventory	Change in inventory	Change in inventory	Change in inventory
Gross profit	$fill in the blank	$fill in the blank	$fill in the blank