Credit $645,000 3. The adjusted trial balance of McCoy Company included the following selected accounts: Debit Sales Revenue $ 50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue yods ollah nd d yd 25,000 looda oera bad lia Instructions 1. Use the above information to prepare a multiple-step income statement for the ended December 31, 2014. 2. Calculate the profit margin and gross profit rate. year 4. Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 80 units at a cost of $6 per unit. During April, the following purchases and sales were made. Purchases 60 units at $7.00 120 units at $7.50 90 units at $8.00 50 units at $8.80 320 Sales 120 units at $20 90 April April 13 units at $20 80 units at $20 23 20 30 40 330 units at $20 29 Instructions: Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. Cost of Goods Sold = $ (1) Average - Ending Inventory Cost of Goods Sold = $ (2) FIFO - Ending Inventory = $ Cost of Goods Sold =$ (3) LIFO - Ending Inventory = $