Thompson Industrial Supplies distributes Industrient. The company's fiscal year ends on March 31, 2017. One department in the company had in inventory toms Balcon 565 each on hand wary 1, 2017 Click the icon to view the purchase and sale information) Assume the company is a periodic inventory system. Also sume that monthly purchase of inventory occur on the first day of each month Required 1. Determine the cost of the departments ending inventory March 31, 2017, under in the weighted average con method and the FFO method. Assume the company determines cost of goods sold at the end of eacher 2. Prepare the departments income statement for the quarter ended March 31, 2017, under each method described in Requirement 1. Show les for grous margin and operating income Requirement 1. Determine the cost of the department's ending inventory of March 31, 2017, under the weighted average cost method and the FIFO method. Assume the company determines cost of goods sold at the end of enth cut. (Use the cost perunt method when calculating your answer. Do not round Intermediary calculations. Only round the amount you input in the cell to the nearest dollar) (a) The cost of the departments ending inventory March 31, 2017, under weighted average is 8 (b) The cost of the departments ending inventory at March 31, 2017, under FIFO ] Requirement 2. Prepare the department's income statement for the quarter ended March 31, 2017, under each metod deserted in Requirement 1. Show grous margin and operating income Begin with weighted average, then FIFO. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses for any operating :) Weighted Average FO Choose from any or enter any number in the inputs and then continue to the next question 10 of 12 (0 complete) Dutes industrial equipment. The company's fiscal year ends on March 31, 2017. One department in the company had in inventory 60 items that cost $555 each on rchase and sale information.) Hic inventory system. Also assume that monthly purchases of inventory occur on the first day of each month. ment's ending inventory at March 3 etermines cost of goods statement for the quarter ended M * More Info ating income. of the department's ending invento en calculating your answer. Do Sing inventory at March 31, 2017, he company determines bllar.) Sing inventory at March 31, 2017, ment's income statement for the qy bperating income. FIFO. (Do not round Intermediary During the quarter, the department purchased merchandise on account as follows: Units Unit cost Total January 135 $ 600 $ 81,000 February 35 375 13,125 March 60 465 27,900 Sales for each month in the quarter were as follows: Units Selling price Total January 50 $ 1,400 $ 70,000 February 120 1,200 144,000 March 75 1,060 79,500 Operating expenses in the quarter were $90,000 or parentheses for any ghted rage FIFO Print Done number in the input fields and then continue to the next