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SalariesexpenseSalesreturnsUtilitiesexpenseIncometaxexpenseInventory(begin)Determine:1.Grossprofit2.Operatingincome3.Purchases4.Grossprofitratio(twodecimalplaces)$116,00010,0008,00028,00030,000$$$SalesrevenueInterestrevenueCostofgoodssoldRentExpenseInterestexpenseInventory(end)$700,0002,200440,00012,00020020,000 BeginninginventoryPurchase1Purchase2Thecompanyhas40unitsremainingonDecember31stUnitsCostperunit100400500$25.00$25.10$25.25 5. Determine ending inventory using FIFO: $

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SalariesexpenseSalesreturnsUtilitiesexpenseIncometaxexpenseInventory(begin)Determine:1.Grossprofit2.Operatingincome3.Purchases4.Grossprofitratio(twodecimalplaces)$116,00010,0008,00028,00030,000$$$SalesrevenueInterestrevenueCostofgoodssoldRentExpenseInterestexpenseInventory(end)$700,0002,200440,00012,00020020,000 BeginninginventoryPurchase1Purchase2Thecompanyhas40unitsremainingonDecember31stUnitsCostperunit100400500$25.00$25.10$25.25 5. Determine ending inventory using FIFO: \$

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