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On January 1, 2018, Displays Incorporated has the following account balances: Debit Credit $ 31,000 Cash Accounts Receivable Supplies Inventory 28,000 34,000 55,000 236,000 Accounts Payable Notes Payable (68, due next year) Cormon Stock Retained Earnings S 36,000 29,000 195,000 134 000 $394,000 $394,000 Totals From January 1 to December 31, the following summary transactions occur a. Purchased Inventory on account for $339,000. b. Sold Inventory on account for $615,000. The cost of the Inventory sold was $319,000. c. Received $574,000 from customers on accounts recevable. d. Pald fre ght on Inventory received, $33,000. e. Paid $329,000 to Inventory supplers on accounts payable of $336,000. The difference reflects purchase discounts of $7,000. t Paid rent for the current year, $51,000. g. Pald salaries for the current year, $159,000. Year-end adjusting entries: a. Supplies on hand at the end of the year are $7000. b. Accrued interest expense on notes payable for the year. c. Accrued Income taxes at the end of January are $27,000. Balance Analysis General Genera Tria Income B Journal Ledger Balance Stateme.. Sheet Using the information from the requirements above, complete the 'Analysis. (Calculate the ratios to the nearest 1 decimal place.) the for ACME F (a) Suppose Displays Incorporated.decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $96,000, calculate the LIFO reserve. (b) Assume Displays Incorporated S69,000 beginning balance of inventory comes from the base year with a cost index of 1. The cost index at the end of 2018 of 1. Calculate the amount the would for i dollar-value LIFO (c) Indicate whether each of the amounts below would be higher or lower when reporting inventory using LIFO (or dollar-value LIFO) instead of FIFO in periods of rising inventory costs and stable i Average days in inventory Balance Sheet On January 1, 2018, Displays Incorporated has the following account balances: Debit Credit $ 31,000 Cash Accounts Receivable Supplies Inventory 28,000 34,000 55,000 236,000 Accounts Payable Notes Payable (68, due next year) Cormon Stock Retained Earnings S 36,000 29,000 195,000 134 000 $394,000 $394,000 Totals From January 1 to December 31, the following summary transactions occur a. Purchased Inventory on account for $339,000. b. Sold Inventory on account for $615,000. The cost of the Inventory sold was $319,000. c. Received $574,000 from customers on accounts recevable. d. Pald fre ght on Inventory received, $33,000. e. Paid $329,000 to Inventory supplers on accounts payable of $336,000. The difference reflects purchase discounts of $7,000. t Paid rent for the current year, $51,000. g. Pald salaries for the current year, $159,000. Year-end adjusting entries: a. Supplies on hand at the end of the year are $7000. b. Accrued interest expense on notes payable for the year. c. Accrued Income taxes at the end of January are $27,000. Balance Analysis General Genera Tria Income B Journal Ledger Balance Stateme.. Sheet Using the information from the requirements above, complete the 'Analysis. (Calculate the ratios to the nearest 1 decimal place.) the for ACME F (a) Suppose Displays Incorporated.decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $96,000, calculate the LIFO reserve. (b) Assume Displays Incorporated S69,000 beginning balance of inventory comes from the base year with a cost index of 1. The cost index at the end of 2018 of 1. Calculate the amount the would for i dollar-value LIFO (c) Indicate whether each of the amounts below would be higher or lower when reporting inventory using LIFO (or dollar-value LIFO) instead of FIFO in periods of rising inventory costs and stable i Average days in inventory Balance Sheet