The following information is obtained from Rapid Corporation's financial records:

UnitsUnit CostTotal Cost

Jan. 1Beginning inventory 100$10$ 1,000

Mar. 1 Purchased 400$12$ 4,800

Mar. 5 Sold(250)

May 2Purchased 100$15$ 1,500

Aug. 1 Sold(150)

Oct. 3Purchased 100 $25$ 2,500

Dec 31 Ending inventory 300??

(per physical count)

(1)Calculate the cost of the ending inventory, under the assumption that the company uses a periodic inventory system and the weighted-average method for costing inventory. (Calculate the unit price to two decimal places).

(2)Calculate the cost of the ending inventory, under the assumption that the company uses a perpetual inventory system and the FIFO method for costing inventory.

(3)Using the answer to part (2):

(a) necessary year-end adjusting entries (you should have two entries) to account for the fact that the ending inventory had a total Market Value of $4,000.The company uses the allowance (indirect) method to apply the Lower of Cost and NRV model and the opening inventory had a NRV of $1,200.

(b) income statement for the company for the year ended December 31, 2019 assuming a selling price of $35 per unit and operating expenses of $4,300. Remember to use proper financial statement format!