Monty Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Cost of Goods Sold Units Cost Total Date Oct. 2 15 Purchases Cost $11 15 Units 8,400 14,000 Total $92.400 210,000 Ending Inventory Units Cost Total 8,400 $11 $92.400 [2] [3] [4] [5] 29 21,400 [6] [8] [7] 19] [10] [11] [12] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. FIFO $475,000 Average $475,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 183,000 183,000 (a) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula Purchases Units Cost Total Cost of Goods Sold Cost Units Total 8.400 $11 $92,400 gestion Part Score (b) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula. (Round "Cost" answers to 2 decimal places, e.g. 1.25 and other answers to the nearest whole dollar, e.g. 5,275.) Purchases Units Cost Total 8,400 $11 $92,400 14,000 15 210,000 Cost of Goods Sold Cost Units Total U 21.400 Save for Later Attempts: 0 of 1 used Submit Answer Question Part Score --/8 (c) Fill in the missing information in the blanks shown in the partial statement of income above. (Round answers to the nearest whole dollar eg. 5,225) FIFO Sales $475,000 Average $475,000 Cost of goods sold Question Part Score (c) Fill in the missing information in the blanks shown in the partial statement of income above. (Round answers to the nearest whole dollar, eg. 5,225.) FIFO Average $475,000 Sales $475,000 Cost of goods sold Gross profit Operating expenses Income before income tax 183,000 183,000 Income tax expense (30%) Net income $ Save for Later Attempts: 0 of 1 used Submit Answer Question Part Score --/10