Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Marley uses a FIFO b. LIFO. c. Weighted average. (20 points) I 1. In Year 1, Stubbs Company sold land for $90,000 cash. The land had originally cost $75,000. Also, Stubbs sold inventory that had cost $100,000 for $148,000 cash Operating expenses amounted to $28,000. Required Prepare a Year 1 multistep income statement for Stubbs Company. (15 points) Stubbs COMPANY Income Statement For the year ended December 31, Year 1 2. Marley Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Marley made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the second was a 600-unit purchase at $58 per unit. During the period, Marley sold 1,200 coffee makers. Required Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Marley uses a FIFO b. LIFO. c. Weighted average. (20 points)