Jillet Corporation began the year with inventory of $21,000$ units of its only product. The units cost $$8$ each. The

company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during

the year:

a$.$ Purchased $105,000$ additional units ot a cost of $$10$ per unit. Terms of the purchases were $\frac{2}{10},\frac{n}{30}.$ The

company uses the gross method to record purchase discounts. The inventory was purchased f$.$o$.$b$.$ shipping

point and additional freight costs of $$0\mathrm{.}50$ per unit were charged to Jillet.

b$.2,100$ units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the

freight charges of $$0\mathrm{.}50$ per unit on the original purchase. The units were defective and were returned two days

after they were recelved. The remaining inventory was paid within the discount period. $($Hint: The discount

applies only to inventory and not the freight.$)$

c$.$ Sales for the year totaled $100,000$ units at $$18$ per unit. $($Hint: The cost of the inventory sold includes the

purchase cost of those units plus freight less purchase discount.$)$

d$.$ On December $28,$ Jillet purchased $6,100$ additional units at $$10$ each. The goods were shipped fo$.$b$.$ destination

and arrived at Jillet's warehouse on January $4$ of the following year.

e$.23,900$ units were on hand at the end of the year.

Required:

Determine ending inventory and cost of goods sold at the end of the year.

Assuming that operating expenses other than those indicated in the above transactions amounted to $$172,000,$

determine income before income taxes for the year.

For financial reporting purposes, the company uses LIFO $($amounts based on a periodic inventory system$).$

Record the year$-$end adjusting entry for the LIFO reserve, assuming the balance in the LIFO reserve at the

beginning of the year is $$17,200.$

Determine the amount the company would report as income before taxes for the year under LIFO. Operating

expenses other than those indicated in the above transoctions amounted to $$172,000.$

Complete this question by entering your answers in the tabs below.

Determine ending inventory and cost of goods sold at the end of the year.

Assuming that operating expenses other than those indicated in the above transactions amounted to $$172,000,$ determine

income before income taxes for the year.

For financial reporting purposes, the company uses LIFO $($amounts based on a periodic inventory system$).$ Record the year$-$e

entry for the UFO reserve, assuming the balance in the LIFO reserve at the beginning of the year is $$17,200.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Determine the amount the company would report as income before taxes for the year under LIFO. Operating expenses other

than those indicated in the above transactions amounted to $$172,000.$

$**$Please include explanation, calculations!$**$