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double check my answers please Instructions: Work through the problem below and attach your supporting calculations (separate sheet of paper). Staniey Co. is a pottery

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Instructions: Work through the problem below and attach your supporting calculations (separate sheet of paper). Staniey Co. is a pottery retailer that uses the periodic inventory system. Its fiscal year end is December 31. It began the third quarter with 150 planters at a unit cost of $30/ unit. During the third quarter it made the following purchases: - July: 400 planters 932/ unit - August: 500 planters (1) \$35/unit - September: 300 planters e $40/ unit During the third quarter, Stanley Co. sold 965 planters for $60 each. 1. Complete the following partial financlal statements using the FIFO, LIFO, and Average Cost methods. You may round your final answers under Weighted Average Cost to the nearest $1. 4. Assume the management of Stanley C0. purchased an ADOITIONAL 700 planters for $42/ unit on September 30th, but still sold the same amount during the quarter (i.e. 965 planters). How would this impact the following accounts/line items under FIFO? (circle one for each account/line item) coGs: a. Increase b. Decrease Gross Profit: a. Increase b. Decrease Income Tax Expense: a. Increase b. Decrease 5. Assume the management of Stanley Co. purchased an ADDITIONAL 700 planters for $42/ unit on September 30th, but still sold the same amount during the quarter (i.e. 965 planters). How would this impact the following accounts/line items under LIFO? (circle one for each account/line item) COGS: b. Decrease c. Stay the same Gross Profit: a. Increase c. Stay the same Income Tax Expense: b. Decrease c. Stay the same

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