Kingston Company starts the business in Year 1. Kingston uses FIFO as their inventory costing method. They purchase inventory as follows:

8/5/Year1: 1000 units at $30 each 11/6/Year1: 3000 units at $36 each

Assume Kingston signs a sales contract for 3,800 units for $380,000 ($100 each) on 11/1/Year1. This is the only sale for the year. The customer is within a 30-mile delivery radius (Goods are delivered by a van.)

1. Assume the items are delivered on 11/15/Year1. The customer pays in full on 11/15. What will Kingston report as the cost of goods sold for Year1? _______

2. Assume the facts in part 1. The estimated selling price of the units is $102 each as of 12/31/Year1. At what dollar amount will Kingston report the inventory on the 12/31/Year1 balance sheet? _______

3. Assume the items are delivered on 11/15/Year1. The customer paid Kingston $380,000 as follow: ---20,000 advance payment on 11/10/Year1 ---180,000 payment on 12/20/Year1 ---180,000 payment on 1/5/Year2 How much sales revenue (not gross margin) does Kingston report in Year1? _________

4. Assume the items are delivered on 1/5/Year2. The customer paid Kingston $380,000 as follow: ---20,000 advance payment on 11/10/Year1 ---180,000 payment on 12/20/Year1 ---180,000 payment on 1/5/Year2 How much sales revenue (not gross margin) does Kingston report in Year1? _____________