they do not say whether it I periodic or perpetual.

Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $ 320,000 10,000 30,000 40,000 Income tax expense Cost of goods sold Advertising expense $ 40,000 120,000 20,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Sales revenue $ 320,000 Cost of goods sold 120,000 Gross profit $ 200,000 Utilities expense Salaries expense 40,000 30,000 20,000 90,000 Advertising expense Total operating expenses Operating income Interest expense 10,000 Income before income taxes Net income Number of Units Unit Cost $ 51 53 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 59 139 209 119 Total Cost $ 3,009 7,367 11,704 6,783 $28,863 526 For the entire year, the company sells 445 units of inventory for $69 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost of # of units te Cost per Goods unit Available for Sale 59 $ 51 $ 3,009 Cost per unit Cost of Goods Sold # of units " Cost Ending per unit Inventory 59 $ 51 $ 3,009 Beginning Inventory Purchases: Apr 07 Jul 16 139 $ 209 $ 119 $ 526 53 56 57 7,367 11,704 6,783 28,863 117 209 119 445 $ $ $ 53 56 57 6,201 11,704 6,783 $ 24,688 Oct 06 Total $ Sales revenue Gross profit