LO2 Problem 5-9 Financial Statements A list of accounts for Maple Inc. at December 31, 2016, follows: Accounts Receivable $ 2,359 Land Advertising Expense 4.510 Net purchases Buildings and Equipment, Net 55,550 Retained Earnings, January 1, 2016 Capital Stock 50,000 Salaries Expense 590 Salaries Payable Cash 2,300 Net sales Depreciation Expense 6,000 Transportation in Dividends Utilities Expense Income Tax Expense 3,200 Income Tax Payable 100 Interest Receivable Inventory: 6,400 January 1, 2016 7,500 December 31, 2016 $20,000 39,400 32,550 25,600 650 83,584 375 3,600 Required Determine cost of goods sold for 2016. Determine net income for 2016. 9. Prepare a balance sheet dated Dec LO5.6 lance sheet dated December 31, 2016, mtory Costing Methods-Periodic Requ 1. W 2. W LOS. 6.7 Problem 5-12A Inventory Costing Methods-Periodic System Story Company's inventory records for the month of November reveal the following: Inventory, November 1 300 27.00 November 6, purchase 375 units @ 26.50 November 7. sal 650 units 563.00 November 13. purchase 330 units @ $25.00 November 18, purchase 225 unit @ 52540 November 22, Sale 570 units 56375 November 24, Durchase 300 units $25.00 Tovember 28, ale 165 units @ 54.50 Selling and administrative expenses for the month were $16,200. Depreciation expense was $6,000. Story's tax rate is 35% DEC Rea Decis Chips Refer to this boc Required 1 Calculate the cost of goods sold and ending inventory under each of the following three meth ods awuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average. 2. Calculate the grow profit and net income under each costing assumption. 3. Under which costing method will Story pay the least taxes? Explain your answer. Requir 1. Wh