Chapter 6: Inventory and Cost of Goods Sold Multi-Step Income Statement Use the data below to answer the following questions. Salaries expense $ 210,000 Sales revenue Sales returns 15,000 Interest income Ubilities expense 18,000 Cost of goods sold Income tax expense 27,000 Rent Expense Cash 12,000 Interest expense Inventory (beginning) 25,000 Inventory (end) $ 720,000 2,000 300,000 12,000 4,000 30,000 1 Gross Profit 2 Operating Income 3 Purchases 4 Gross Profit Ratio Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10 $ 75.00 $ Purchase 1 50 $ 77.00 Purchase 2 40 $ 79.00 GAFS 100 $ The company sold 95 Units 750 3,850 3,160 7,760 5 Determine ending inventory using LIFO