Problem 4 Use the following information to answer questions 17 to 21. Use the TEMPLATE provided by your instructor to complete the inventory cost card. Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 11 Inventory Purchase 14 Sale 21 Purchase 25 Sale 12 units 13 units @ $45 @ $47 18 units 9 units 10 units @ $60 Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using the average cost method. The Total Cost of Inventory on April 3 is equal to $ QUESTION 18 Problem 4 (continued) The Total Cost of Purchases on April 11 is equal to $ QUESTION 19 Problem 4 (continued) The Total Cost of Inventory at the end of the day on April 14 is equal to $ Round to the nearest whole number. QUESTION 20 Problem 4 (continued) The Unit Cost of Inventory at the end of the day on April 21 is equal to $_ Round to the nearest whole number. QUESTION 21 Problem 4 (continued) The Total Cost of Inventory at the end of the day on April 25 is equal to $ Round to the nearest whole number. Fill in the blanks (a) through (e) for the Corman Company for each of the income statements for years 1 and 2 Corman Company Income Statements Sales Cost of goods sold For the years ended December 31 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Operating expenses Net income The net income in Year 1 is equal to Year 1 Year 2 $10,000 (e) 375 750 3,625 4,875 750 (d) (a) 5,000 6,750 5,200 3,750 (c) (b) $2,500 QUESTION 23 Problem 5 (continued) The Cost of Goods Sold in year 1 is equal to QUESTION 24 Problem 5 (continued) The operating expenses in Year 2 is equal to QUESTION 25 Problem 5 (continued) The Merchandise Inventory Ending in year 2 is equal to QUESTION 26 Problem 5 (continued) The total Sales in Year 2 is equal to