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Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31, 2010: Credits Debits $ 72,260 16,900 65,000 44,000 $ 21,800 30,000 98,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Liabilities Contributed Capital Retained Earnings, January 1, 2010 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense General Expenses Income Tax Expense 13,500 190,000 5,500 6,300 95,000 15,400 16,600 1,400 14,940 $ 353,300 $ 353,300 Totals Requirement 1: Prepare a multistep income statement that would be used for internal reporting purposes. Treat Sales Discounts and Sales Returns and Allowances as contra-revenue accounts. (TIP. Some of the accounts listed will appear on the balance sheet rather than the income statement.) (Input all amounts as positive values. Omit the "$" sign In your response.) PSYMON COMPANY, INC. Income Statement For the Year Ended December 31, 2010 $ Sales revenue Less Sales discounts Sales returns and allowances Net sales Cost of goods sold $ Gross profit Operating expenses: General expenses Selling expenses Administrative expense Income from operations Income tax expense Income from operations Income tax expense Net income $ Requirement 2: Prepare a multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales. (Input all amounts as positive values. Omit the "$" sign in your response.) PSYMON COMPANY, INC. Income Statement For the Year Ended December 31, 2010 Net sales $ Cost of goods sold Gross profit Selling, general and administrative expenses Income from operations Income tax expense Net income $ July 1 Beginning inventory July 13 Purchase July 25 Sold Units 100 500 (200) Unit Unit Selling Cost Price $10 13 $15 July 31 Ending inventory 400 Required: Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average. Assume a periodic inventory system is used. (Input all amounts as positive values. Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) FIFO LIFO Weighted average $ $ $ Goods Available for Sale Ending Inventory Sales Cost of goods sold Gross profit $ $ $