Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Belowis information relating to Flint Corporation's purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system. Units Date Explanation Unit Cost Total Cost Sept. 1 Inventory 13 $102 $1,326 Purchases 4,830 Sept. 12 46 105 Sept. 19 Purchases 47 106 4,982 2,140 20 107 Sept. 26 Purchases $13,278 126 Totals (a1) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal ploces, es. 125) AVERAGE-COST LIFO FIFO The ending inventory at September 30 (a2) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, es 125.153 and final answers to 0 decimal places, es. 125) AVERAGE-COST LIFO FIFO S Cost of goods sold .com/cour Question 13 View Policies Show Attempt History Current Attempt in Progress In its income statement for the year ended December 31, 2017, Crane Company reported the following condensed data. $83,500 $450,000 Salaries and wages expenses Cost of goods sold Loss on disposal of plant assets 1,231,200 Sales revenue 2,410,000 Income tax expense 25,000 Interest expense 69,000 102,700 Sales discounts 130,000 Interest revenue Depreciation expense 100,000 310,000 Utilities expense Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses) CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales 2410,000 Sales Revenue a Search or type URL & % 44 CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales 2,410,000 Sales Revenue 130,000 Less Sales Discounts 2280000 Net Sales 1.231.200 i Cost of Goods Sold 1048800 Gross Profit Operating Expenses 450,000 Salaries and Wages Expense 100,000 Utilities Expense 310,000 Depreciation Expense 860000 Total Operating Expenses Income From Operations Other Revenues and Gains 102700 Interest Revenue Other Expenses and Losses Deprecaton Exptense Total Operating Expenses 860000 Income From Operations Other Revenues and Gains Interest Revenue 102700 Other Expenses and Losses Interest Expense 69,000 83,500 Loss on Disposal of Plant Assets 130,000 Income Before Income Taxes 25,000 i Income Tax Expense Net Income/(Loss) eTextbook and Media List of Accounts eTextbook and Media List of Accounts Your answer is partially correct. Calculate the profit margin and gross profit rate. % Profit margin % Gross profit rhte 46 eTextbook and Media List of Accounts Question 12 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Teal Mountain Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 $250,000 $200,000 Net sales Cost of goods sold 137,500 110,000 Operating expenses 76,500 42,400 10,000 16,000 Income tax expense $20,000 $37,600 Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, eg. 2016 2017 % 40 Gross profit rate 40 % % % 18.3 Profit margin 6.7