Droscoe follows the LIFO inventory method and accounts for inventory on the periodic basis. He also faces a 35% tax rate. The balance in the Drone Inventory account on December 31, 2009 was $9,900 (which reflects 1,100 units that were purchased for $9/unit). During 2010, Droscoe purchased an additional 4,000 units at $12 per Drone. He sold the Drones for $25 per unit. The physical count of the inventory at the end of the accounting period reveals that 750 units of Drones were remaining in inventory at the end of the year. No Drones were missing from inventory, other than those sold. He expects that he will be able to sell the Drones in the remaining inventory next year for $24. The balance in Accounts Payable was $5,750 on January 1, 2010 and $6,000 on December 31, 2010. Using the FSET, What amount will be reported in the 2010 year-end financial statements for the following items related to the sale of Drones

i) Cash Paid to Suppliers: $_______________

ii) Inventory: $_______________

iii) Revenue from Drone Sales: $_______________

iv) Cost of Goods Sold: $_______________

v) Gross Profit (from Drone sales): $_______________

vi) Gross Profit Ratio (from income statement): _______________%

vii) Lifo Liquidation Gain (or Lifo Liquation Profits): $_______________

viii) LIFO Reserve: $_______________

ix) What are the cumulative tax savings as of December 31, 2010 for Droscoe following LIFO relative to following FIFO? $_______________

x) How much less would Droscoe owe for 2010 taxes had he purchased and taken possession of an additional 250 Drone at the end of his fiscal year for $13 per drone (in this case he would having an ending inventory of 1,000 drones)? $_______________

xi) If instead of the assumption that he would be able to sell the remaining drones for $24 in the following year, assume that he expects to be able to sell them for only $8 due to a major design flaw in the Drones. In this case, what would he report for (1) Inventory: $_______________ (2) Write down for Lower of Cost or Market Adjustment in Inventory: $_______________