Problem 8-4 Various inventory transactions; determining inventory and cost of goods [LO8-1, 8-2, 8-3, 8 4] Johnson Corporation began 2018 with inventory of 16,000 units or its only product. The units cost 8 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2018: a. Purchased 80,000 additional units at a cost of $.12 per unit. Terms of the purchases were 210, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased t.o.b. shipping point and freight charges of SO.50 per unit were paid by ohnson. b 1600 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.50 per unit it had paid on the original purchase. The units were defective and were returnecd two days after they were received. c. Sales for the year totaled 75,000 units at $17 per unit. d. On December 28, 2018, Johnson purchased 5,600 additional units at $12 each. The goods were shipped to.b destination and arrived at Johnson's warehouse on January 4, 2015 e. 19,400 units were on hand at the end of 2018. Required: 1. Complete the below table to determine the ending inventory and cost of goods sold for 2018 2. Assuming that operating expenses other than those indicated in the above transactions amounted to $162,000, determine Income before income taxes for 2018. Complete this question by entering your answers in the tabs below RequiredRequired Complete the below table to determine the ending inventory and cost of goods sold for 2018. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with a minus sign.) 128,000 Beginning inve 2018 Ending inven 128,000 Beginning inven Net purchases Purchases Returns (20,000) 108,000 128,000 hase discounts t of goods available for sale Less: Ending inven Cost of goods sold Problem 8-4 Various inventory transactions; determining inventory and cost of goods [LO8-1, 8-2, 8-3, 8 4] Johnson Corporation began 2018 with inventory of 16,000 units or its only product. The units cost 8 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2018: a. Purchased 80,000 additional units at a cost of $.12 per unit. Terms of the purchases were 210, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased t.o.b. shipping point and freight charges of SO.50 per unit were paid by ohnson. b 1600 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.50 per unit it had paid on the original purchase. The units were defective and were returnecd two days after they were received. c. Sales for the year totaled 75,000 units at $17 per unit. d. On December 28, 2018, Johnson purchased 5,600 additional units at $12 each. The goods were shipped to.b destination and arrived at Johnson's warehouse on January 4, 2015 e. 19,400 units were on hand at the end of 2018. Required: 1. Complete the below table to determine the ending inventory and cost of goods sold for 2018 2. Assuming that operating expenses other than those indicated in the above transactions amounted to $162,000, determine Income before income taxes for 2018. Complete this question by entering your answers in the tabs below RequiredRequired Complete the below table to determine the ending inventory and cost of goods sold for 2018. (Do not round your intermediate calculations. Amounts to be deducted should be indicated with a minus sign.) 128,000 Beginning inve 2018 Ending inven 128,000 Beginning inven Net purchases Purchases Returns (20,000) 108,000 128,000 hase discounts t of goods available for sale Less: Ending inven Cost of goods sold