Show the ending inventories that would appear on the balance sheet of Pricilla's PosiesPricilla's Posies at December 31,2019.

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Begin by calculating the cost of goods sold for the year. Pricilla's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2016 Beginning inventory 12,700 34,000 Plus: Purchases Cost of goods available for sale 46,700 9,000 Less: Ending inventory Cost of goods sold 37,700 Now prepare an income statement for Pricilla's Posies, a merchandiser, for the year ended December 31, 2016. Pricilla's Posies Income Statement For the Year Ended December 31, 2016 Sales revenue $ 55,000 37,700 Less: Cost of goods sold Gross profit 17,300 Less: Operating expenses Sales commissions expense $ Rent expense 4,900 3,400 2,000 Utilities expense 10,300 Operating income 7,000 Dart Tin Part Two: Pricilla's Posies was so successful that Pricilla decided to manufacture her own brand ot floral supplies: Floral World Manufacturing. (Click the icon to view the records.) Read the requirements (Part Two). Part One: In 2015, Pricilla Webber opened Pricilla's Posies, a small retail shop selling floral arrangements. (Click the icon to view the records.) Read the requirement (Part One). Floral World Manufacturing Calculation of Direct Materials Used For the Year Ended December 31, 2017 Beginning raw materials inventory 10,000 Purchases of direct materials 37,000 Materials available for use 47,000 Less: Ending raw materials inventory 6,000 Direct materials used 41,000 Calculate the cost of Goods Manufactured for Floral World Manufacturing for the year ended December 31, 2017. (For Floral World Manufacturing Calculation of Cost of Goods Manufactured For the Year Ended December 31, 2017 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory 41,000 25,000 14,400 80,400 3,500 76,900 Cost of goods manufactured Floral World Manufacturing Calculation of Cost of Goods Sold For the Year Ended December 31, 2017 Beginning finished goods inventory 0 76,900 Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 76,900 4,500 72,400 Cost of goods sold Prepare an income statement for Floral World Manufacturing for the year ended December 31, 2017. Floral World Manufacturing Income Statement For the Year Ended December 31, 2017 Sales revenue $ 109,000 72,400 Less: Cost of goods sold Gross profit 36,600 Less: Operating expenses Customer service hotline expense $ Sales salary expense 1,200 5,000 4,200 Delivery expense 10,400 Operating income $ 26,200 Part Three: Requirement 1. Show the ending inventories that would appear on the balance sheet of Pricilla's Posies at December 31, 2016. (If a box is not used in the statement leave the box empty; Pricilla's Posies Balance Sheet (Partial) December 31, 2016 Inventory (Click the icon to view additional information.) uppiles: Floral world manufacturing. ick the icon to view the records.) ne requirements (Part Two). 0 Data Table Data Table On December 31, 2016, her accounting records show the following: 16. Sales revenue ................$ Utilities for shop .................$ Inventory on December 31, 2016 .. $ Inventory on January 1, 2016 ..... $ Rent for shop ................ $ Sales commisions .............$ Purchases of merchandise ....... $ 55,000 2,000 9,000 12,700 3,400 4,900 34,000 At the end of December 2017, her accounting records show the following: Utilities for plant $ 5,000 Delivery expense ...............$ 4,200 Sales salaries expense 5,000 Plant janitorial services 1,000 Work in process inventory, December 31, 2017 ... $ 3,500 Finished goods inventory, December 31, 2016 .... $ 0 Finished goods inventory, December 31, 2017 .... $ 4,500 Sales revenue ........... $ 109,000 Customer service hotline expense ............$ 1,200 Direct labor $ 25,000 Direct material purchases .........$ 37,000 Rent on manufacturing plant .................$ 8,400 Raw materials inventory, December 31, 2016 .....$ 10,000 Raw materials inventory, December 31, 2017 ..... $ 6,000 Work in process inventory, December 31, 2016 ... $ 0 Print Done Print Done