Review. What is the Ending Inventory for LIFO, FIFO, and using average cost? What's is the cost of goods sold using LIFO, FIFO, and using average cost? How to complete the balance sheet, Income statement, and statement of retained earnings?

Inventory detail: Date of Inventory Transaction January 1, 2017 May 10, 2017 August 15, 2017 November 20, 2017 Type of Inventory Transaction Beginning bal Purchase Purchase Purchase Quantity of Inventory Units 10,000 35,000 60,000 25,000 Cost per Unit of Inventory $4.50 $5.00 $5.20 $5.50 The following information is available with respect to the year's activities: Sales price per unit $8.25 Sales returns and allowances for the year = $21,500 Sales discounts given for the year $15,080 Total selling expenses for the year = $85,000 Total administrative expenses for the year = $55,000 Income tax rate to be paid by the company = 21% 1. Complete the cost of Goods Available for Sale Chart provided directly below: Cost of Goods Available for Sale: Date Transaction Units Unit Cost 1-Jan-17 Beginning Bal 10,000 4.50 5/10/2017 Purchase 35,000 5.00 8/15/2017 Purchase 60.000 5.20 11/20/2017 Purchase 25,000 5.50 Total XXXXXXXXX Total Cost $45,000.00 $175,000.00 2. In the space provided on the following page, calculate the number of units included in and total cost for both ending inventory and cost of goods sold for each of the three inventory costing methods. Enter your final answers in the chart provided below: Ending Inventory Units Left Total Cost Cost of Goods Sold Units Sold Total Cost 30,000 $ a. Using FIFO b. Using LIFO c. Using Avg. Cost 30,000 $ $ 30,000 FIFO LIFO Average Cost 36,013 S 13,600 36,013 S 13,600 36,013 13,600 Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Plant Assets: Equipment Less: Accumuluated Depreciation Total plant assets Total Assets 165,000 99,000 66,000 165,000 99,000 66,000 165,000 99,000 66,000 $ 17,800 $ 17,800 $ 17,800 Current Liabilities: Accounts Payable Taxes Payable Total current liabilities Common Stock Retained Earnings Total Stockholders' Equity Total liabilities and stockholders' equity 50,000 50,000 50,000 FIFO LIFO Average Cost 71,893 $ 71,893 $ 71,893 Retained Earnings, January 1, 2017 Net income Less: Dividends 3,000 3,000 3,000 Increase in retained earnings Retained Earnings, December 31, 2017