P5-6B (P5-8) The adjusted trial balance of Brigus Wholesale Ltd. contained the following accounts at November 30, the company's fiscal year end: Credit 4.900 45,200 BRIGUS WHOLESALE LTD. Adjusted Trial Balance November 30, 2018 Debit Cash 35,000 Accounts receivable 96,300 Notes receivable 28,200 Inventory 115,600 Supplies Land 580,000 Buildings 452,000 Accumulated depreciation-buildings Equipment 326,000 Accumulated depreciation-equipment Accounts payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales Sales returns and allowances 12,800 Sales discounts 11,400 Cost of goods sold 1,387,200 Administrative expenses 366,000 Selling expenses 286,000 Interest expense 12,300 Interest revenue Income tax expense 32,400 $3.746,100 81,500 79,800 18,200 32,100 205,000 500,000 546,700 I 2,234,800 2,800 $3.746,100 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and gross profit margin. 35 P6-4B (P6-5B) BigFishTackle Co. Ltd. reports the following inventory transactions for its fishing rods for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 50 $230 $11,500 Purchases 240 8,400 Sales Purchases 245 9,800 Sales Purchases 30 250 Instructions (a) Determine the cost of goods sold and cost of ending inventory using FIFO. (b) Determine the cost of goods sold and cost of ending inventory using average cost. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) (50) 7.500 P6-9B Flin Flon Limited sells three products whose prices are sensitive to price fluctuations. The following inventory information is available for these products at March 31, 2018: Product Units Unit Cost Net Realizable Value $ 7 $7 Instructions (a) Calculate Flin Flon's inventory at the lower of cost and net realizable value. (b) Prepare any journal entry required to record the LCNRV, assuming that Flin Flon uses a perpetual inventory system