Please show work as i am trying to learn online classes are extremely difficult for me Required: Analyze the situations described in the scenarios and apply the historic cost principle to correctly answer the questions presented in the tables at the end of the scenarios. Write your answers to the questions in the spaces provided. Scenario #1: Tarbox Toyota and the Historic Cost of Inventory (12 points)

On December 6, 2019, Tarbox Toyota placed an order to buy twenty-five 2019 Toyota Corollas at a total cost of $439,000 ($17,560 per vehicle) to be delivered by Auto Transport Systems.

Tarbox Toyota received the shipment of the twenty-five 2019 Toyota Corollas on December 30, 2019 along with an invoice due in 30 days for $425,000 ($17,000 per vehicle) due to a special discount that Toyota awarded Tarbox because the dealership surpassed its budgeted sales for the year by nearly 25%.

Tarbox Toyota received an invoice for $8,450 from Auto Transport Systems for the delivery of the Corollas on December 30, 2019.

Based on the manufacturers suggested retail price (MSRP) of $19,600 per vehicle, the shipment had a total sales value of $462,500 AMOUNT

Q 1. To comply with GAAP, Tarbox Toyota would record the cars as inventory on December 30, 2019 at a total historic cost value of: (******)

Calculation Required:

Q 2. What was the average historic cost per car recorded by Tarbox Toyota in its inventory on December 30, 2019?

Calculation Required:

Assume that Tarbox Toyota did not sell any of the cars received on December 30th until January 2020

Answer, Calculation Required

Q 3. In its GAAP balance sheet at December 31, 2019, Tarbox Toyota would report the cars received on December 30th as inventory at a total value of: (******) Calculation required

Assume that on December 31, 2019 Tarbox Toyota sold two of the cars received on December 30th

Answer, Calculation Required

In its GAAP balance sheet at December 31, 2019, Tarbox Toyota would report the cars received on December 30th as inventory at a total value of: (*****) Answer, Calculation Required

In its GAAP income statement for the year ended December 31, 2019, Tarbox Toyota would report the cars sold on December 31st as cost of goods sold expense at a total value of: (******) Answer, Calculation Required