Problem.#1 (6 points: Wildcat Corp. has the following transactions during Year 2 Date Jan 1 Mar. 15 Jun 10 Aug. 5 Nov. 10 Transaction Beginning Inventory Purchased Sold Purchased Sold Description 50 units @ $50 200 units @ $84 170 units @ $190 275 units @ $92 340 units 5102 Assuming Wildcat Corp. uses the FIFO cost flow assumption for inventory transactions, what is Wildcat Corp's gross margin, cost of goods sold, and ending inventory balance for year 27 ("Indude your calculations with your answer") Problem #2 18 points Seinfeld, Inc. experienced the following events during the year: 1Purchased $120,000 of merchandise inventory on account, terma 210.30 2 The goods that were purchased in events were delivered FOB shipping point Transportation costs of 53,000 were paid in cash by the responsible party 3 Retumed $6,000 of the good purchased in event 1 back to the supplier 4 Paid for the goods in event 1 within the discount period. Paid the balance in cash to the supplier 5 Sold $118.000 of goods to customers. The goods sold cost $90.000 The merchandise sold in events was delivered to customers FOB destination Transportation costs of $2,800 were paid in cash by the responsible party Paid costs of $18.000 for selling and administrative expenses Sold land with a cost of $24,000 for $29,000 cash 0 What is Seinfeld, Inc's gross margin operating income, and not income? What is its gross margin %? Prepare a multi-step income statement for Seinfeld, Inc. You may ignore income tax expense for this problem Problem #3 16 points) Jeffrey Cannon is the owner of Jeffs Sporting Goods, Inc. He thinks that the ending inventory amount should be higher than the amount reflected on the company's books. Use the information below to estimate the correct amount of ending Inventory using the gross margin method for estimating ending inventory Beginning Inventory S 500.000 Purchases during the Year $1.000.000 Sales during the Year $1.700.000 Ending Inventory (per count) $80,000 Jeffs Sporting Goods has historically made a 20% gross margin on its sales