Mapleton uses a just$-$in$-$time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account.

Required

Use the horizontal financial statements model to record Mapleton$$s business events. The first row shows beginning balances.

If Mapleton desires to earn a profit equal to $20$ percent of cost$,$ for what price should it sell the boat?

If the boat is not sold by year$-$end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat $25?$

Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat?