D. What amount should the company report as its " income before income taxes " ? ANSWER : $ E . What amount should the company report as its " net income " ? ANSWER : $ Problem VILL : Below is a schedule showing the cost details of widgets purchased and sold during 20* 4 : Widgets Units\\ Unit Cost Total Cost Jan . 1 Beginning inventory 100 $15 $ 1, 500 May 1 purchases 900 18 , 000 September 1 purchases 1, 500 $21 31, 500 Available for sale 2, 500 $5 1, 000 During 20* 4 , a total of 2, 200 units were sold for $75 each . Required : On a separate piece of paper , calculate costs of goods sold , the cost of ending inventory , and gross profit under the three cost flow assumptions and place your answers in the chart below . When doing the weighted- average method , round the cost per unit to the nearest penny . Inventory costing method :* Cost of Goods Sold\\ \\\\ Cost of Ending Inventory* Gross Profit FIFO LIFO Weighted - average