The units of an item available for sale during the year were as follows: There are 16 units of the item in the physical inventory at year end, December 31. Instructions: Determine the cost of merchandise sold (cost of goods sold) and the cost of the ending merchanise inventory 1. the first-in, first-out method 2. the last-in, first-out method 3. the average cost method The accounts of Try It Out Corporation are listed along with their adjusted balances before closing for the year ended Jane 30,2023 All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step incomestatement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet Using the financial statements that you prepared for Try It Out Corporation on pgs 3-5, compute the following 1 ratios: Gross Margin Ratio, Profit Margin Ratio, Current Ratio, Acld-Test Ratio. Please show all computations. Using the following information for Palmer Co, to compute inventory turnover for Year 3 and Year2, and its days sales in inventory at December, 31. Year 3, and Year 2 . Statement of Retained Earnings. Please show all computations From Year 2 to Year 3, did Palmer improwe its lnventory turnover and days sales in inventory? Please explain with at least four sentences for each ratio