-idgewi apter ta ness R 2) a) Problem Set #2 Problem #3: Inventory and Cost of Goods Sold (24 points) Pastmak Specialty Products Co. is a supplier of home goods. Data relative to its supply of decorative tissue box holders for 2023 indicates: Beginning Inventory Purchased on 1/26/2023 Purchased on 5/10/2023 Purchased on 9/17/2023 Purchased on 12/15/2023 b) Units 22,000 70,000 65,000 82,000 21,000 During 2023, Pastrnak Specialty Products Co. sold the decorative tissue box holders for an average price of $9.95 per unit. On December 31, 2023, Pastrnak Specialty Products Co. performed a physical inventory and determined that 28,900 decorative tissue box holders remained on hand. Required: Compute the amounts of the following items related to the decorative tissue box holders as would have been determined by Pastrnak Specialty Products Co. in preparing its 2023 financial statements and write your answer the box provided. YOU MUST PRESENT SUPPORTING CALCULATIONS TO RECEIVE FULL OR PARTIAL CREDIT. (1 point each = 3 points) 1) Cost of Goods Available for Sale during 2023 The number of Units Available for Sale during 2023 c) The number of Units Sold during 2023 Cost per unit $5.45 $5.52 $5.60 $5.65 $5.68 PRESENT SUPPORTING CALCULATIONS HERE OR IN THE TABLE ABOVE: Page 10 of 19 Sales Revenue earned during 2023 (2 points) PRESENT SUPPORTING CALCULATION: Total Cost $119,900 $386,400 $364,000 $463,300 $119,280 YOUR ANSWERS YOUR ANSWERS (6

5) Determine the amounts of the inventory and cost of goods soid that that would have been reported by Pastrmak Specialty Products Co. under the Last-In, First-Out (FIFO) Method. Last-In. First-out (t.rEO) Method a) Inventory at December 31, 2023 (2 polnts) YOUR ANSWERS PRESENT SUPPORTING CALCULATIONS MERE: b) Cost of Goods Sold for 2023 ( 2 points) PRESENT SUPPORTING CALCULATION HERE: Froblem set =2 Problem w3i Inventory and cost of Goods Sold (24 points) box During 2023, Pastmak Speciaity Products Co: sold the decorative tissue box noiders for on average price of and determined that 28,900 decorative tissue box holders remained on hand. Required: Compute the amounts of the following items related to the decorative tissue box holders as would hove bour answer in the box provided. YOU MUST PRESENT SUPPORTING CALCULATIONS TO RECEXVE Problem set \#2 Detemine the amounts of the inventory and cost of goods sold that that would have been First-In. First-Out (FIFO) Method YOUR ANSWERS a) Inventory at December 31, 2023 (2 points) PRESENT SUPPORTING CALCULATIONS HERE: b) Cost of Goods Sold for 2023 (2 points) invertory methods. Fespond to each questron by writing an 4 . is the best answer to the question a) Whicb method would the compary have used if it wanted to repart higher profits in its income statement? b) Which method would the company have used if if wanted to censerve cash by saving on income taxes? c) Which metrod would the company NOT have been allowed to Choose if it prepared its nimanclal staternents using IFRS? d) Which method would the company have used if it wanted to report the most realistic balance sheet armount? e) Which method would the company have used to best match expenses against revenues? 1) Which method would the company have used if it wanted to appear more successful to its investors? Which method would the company have used if its balance 9) Sheet and related-ratios were becoming-more distorted over Eime? Which method would the company have used if it always h) wanted to report a middle value for inventory and cost of goods sold? 3) Determine the amounts of the inventory and cost of goods sold that would have been reported by Pastrnak Specialty Products Co. under the Weighted-Average Method. b) Cost of Goods Sold for 2023 ( 2 points) PRESENT SUPPORTING CALCULATION HERE