Suzanne Corporation showed inventory records as listed below: Date Beginning Inventory January Purchase April Purchase July Purchase October Purchase Total Units 8,500 25,000 50,000 45,000 30.000 158,000 Unit Cost .75 .76 .78 .79 .80 Total Cost 6,000 19,000 39,000 35,550 24.000 123,550 The ending inventory consists of 7,900 units. 4,000 of the ending inventory units are from the January purchase while 3,900 ending inventory units are from the April purchase. Required: 1) Prepare the cost of goods sold section of a multiple step income statement using each of the following methods to price the ending inventory: a) Specific invoice b) Average unit cost c) FIFO d) LIFO Listed below are the inventory records for the Mason Merchandising Firm. 2) Prepare an income statement using the average unit cost inventory method. 3) Prepare an income statement using the FIFO inventory method. 4) Prepare an income statement using the LIFO inventory method. Problem 9-1 Date Beginning Inventory April Purchase May Purchase June Purchase Total Units 7,000 25,000 35,000 20.000 87.000 Unit Cost 3.00 3.10 3.15 3.27 Total Cost 21,000 77,500 110,250 65.400 274,150 The ending inventory consists of 10,000 units of which 5,000 units are from the beginning inventory and 5,000 are from the May purchase. Assume that net sales are $500,000 and selling and administrative expenses are $90,000. Required: Prepare an income statement using the specific invoice inventory method. Average Unit Cost FIFO LO Bpesino Invoice 800,000 Net Sales Less Cost Of Goods Sold Beginning Inventory Plust Purchases 81,000 263,160 Goods Available For Sale 874,180 Minus: Ending Inventory 30,780 Cost Of Goods Sold 243,400 286,800 Gross Margin Minus: Selling & Administrative Exp. 90,000 Net Income 166,600