of invenry Valuation. 2.15. The F.L.A.C. Corporation sells a single product. The following is information on inventory purchase, and sales for the current year: Number of Units Unit Cost Sale Price $ 3.00 3.50 $5.00 4.00 January 1 January 10 January 1-March 31 April 25 April 1-June 30 July 10 July 1-September 30 October 15 October 1-December 31 Inventory Purchase Sales Purchase Sales Purchase Sales Purchase Sales 10,000 4,000 8,000 10,000 11,000 6,000 3,000 8,000 9,000 5.50 4.50 6.00 5.00 6.50 (a) Compute the inventory balance and the cost of goods sold expense reported at the end of the year using the following methods: FIFO, LIFO, and average cost. (b) Discuss the effect of each method on the balance sheet and income statement during periods of inflation. 2.16. The following information in 2.19. From the following accounts, prepare a balance sheet for or wing accounts, prepare a balance sheet for Chester Co. for the current calendar year. - Accrued interest payable Property, plant, and equipment Inventory Additional paid-in capital Deferred taxes payable (noncurrent) Cash Accumulated depreciation Bonds payable Accounts payable Common stock Prepaid expenses Land held for sale Retained earnings Current portion of long-term debt Accounts receivable Notes payable $ 1,400 34,000 12,400 7,000 1,600 1,500 10,500 14,500 4,300 2,500 700 9,200 ?. 1,700 V 6,200 V 8,700 11