II. Question Two (20 marks) In the following table, there appear income statements for four hypothetical companies, Each income statement is missing three numbers, you are to determine these missing numbers. (Assume taxes are part of "period expenses.") Co. W Co. X Co. Y Co. Z Sales $2.250 $1.800 $1.350 $2.100 Cost of goods sold: Beginning inventory 300 225 300 Plus: Purchases 975 ? 1,200 Less : Ending Inventory 225 300 Cost of goods sold Gross margin ? 750 Period expenses 300 400 Net income (loss) (50) 900 *3*1953 III. Question Three (20 marks) Gerald D. Englehart Company has the following inventory, purchasing, and sales for the month of March Inventory: March 1 200 units @ $4.00 $ 800 Purchases: March 10 500 units @ $4.50 2,250 March 20 400 units @ $4.75 1,900 March 30 300 units @ $5.00 1,500 Sales: March 15 500 units March 25 400 units The physical inventory count on March 31 shows 500 units on hand. 3 Instructions Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost