On December 31, 20x1, the Dietz company reported the following: Current assets $142,000 current liabilities $66,000 net income $270,000

year end inventory was determined by a physical count at December 31, 20x1

2) On December 31, 20x1, the Dletz Company reported the following: Current Assets Current Liabilities Net Income 142,000 66,000 270,000 Year-end inventory was determined by a physical count at December 31, 20xi Company policies: The FIFO inventory method is used; the periodic inventory method is used For the purchase of inventory: Shipping costs are treated as: Period costs The following transactions occurred at the end of the current fiscal year or at the beginning o the next fiscal year. Assume alltransactions ( for purchases and sales) are on account (not cash.) a] A transaction for the purchase of merchandise inventory: net 30; FOB Shipping Point December 29, 20x1 Terms: Shipping Date: Arrival Date: Cost of inventory: Shipping costs: Transaction recorded January 3, 20x2 $5,500 400 January 3, 20x2 b] A transaction for the sale of merchandise inventory: FOB Destination Terms: Shipping Date: Arrival Date: Cost of inventory: Sale price Transaction recorded net 30; December 29, 20x1 January 2, 20x2 $4,200 7,800 December 29, 20x1 c] Merchandise was sent, on consignment, to a sales representative: Shipping Date: Arrival Date: Cost of inventory: December 26, 20x1 December 28, 20x1 3,750 d] A transaction for the purchase of merchandise inventory Terms: Shipping Date: Arrival Date: Cost of inventory: Shipping costs: Transaction recorded: 2/10, net 30; FOB Destination December 30, 20x1 January 5, 20x2 $ 2,700 225 January 5, 20x2 e] A transaction for the sale of merchandise inventory: Terms: Shipping Date: Arrival Date: Cost of inventory: Sale price: Transaction recorded: 2/10, net 30; FOB Shipping Point December 30, 20x1 January 6, 20x2 $ 4,200 $ 6,100 December 30, 20x1