Problem # 2-Closing Entries Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2022. Sales revenue $502,000 Cost of goods sold 287,000 Salaries expense 70,000 Insurance expense 11,000 Interest revenue 5,000 Interest expense 6,500 Advertising expense 8,500 Income tax expense 24,000 Gain on sale of investments 8,600 Depreciation expense 23,000 Drawing 4,000 Required: Prepare the necessary closing entries in December 31, 2022. Problem #3- Periodic Inventory Valuation Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases of Xpert snowboards during September is shown below. During the same month, 111 Xpert snowboards were sold. Elsa's uses a periodic inventory system. Date Explanation Unit Cost Sept. 1 Inventory Units 36 $95 Sept. 12 Purchases 45 101 Sept. 19 Purchases 201 103 Sept. 26 Purchases 60 108 Totals ??? Instructions Total Cost ??? ??? ??? ??? ??? (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO, LIFO, and Average Cost Method. Prove the amount allocated to the cost of goods sold under each method. (b) For both FIFO, LIFO, and Average Cost Method, calculate the sum of ending inventory and cost of goods sold. (c) What do you notice about the answers you found for each method?