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Below appears the Balance Sheet of Claire Company as of December, 31, 2016. Total Assets 150,700TotalLiab.&OwnersEquity150,700 During 2017 Claire Company performed the following operations (the

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Below appears the Balance Sheet of Claire Company as of December, 31, 2016. Total Assets 150,700TotalLiab.&OwnersEquity150,700 During 2017 Claire Company performed the following operations (the periodic method for inventory calculations is used): 1. Feb 14th. Bought inventory for $140,000 on account 2. March 20th. Collected $52,000 from clients that owed money 3. April, 30th. Borrowed $10,000 through a 1 year, 6% (annual rate) note payable (interest paid only at maturity) 4. April, 30th. New shareholders invested $25,000 in the company in cash. 5. May 15th. Had sales of $300,000 (only $210,000 in cash, the rest on account) 6. June 25 th. Paid $131,000 that was owed to suppliers 7. Jul 20th. Paid all pending wages from 2016 8. Oct 30th. Paid wages of $16,000 to employees for hours worked during 2017 9. Dec 12st. Cost of goods sold for the year was $133,000 10. Dec 31st. Other wages worked during 2017 but not paid amounted to $4,000 11. Rent is paid annually in advance. During 2017 the company "used" the prepaid rent shown in the balance sheet, and it has to pay only $8,000 for the 2017 rent. Question 3 (1.5 points) LastSecond.com S.L. sells fashion watches in the Spanish market that are previously developed by a Korean manufacturer. The Company uses a periodic inventory system. The following data corresponds to 2017 : Required: (Solve this exercise on the ANSWER SHEET ) Prepare a comparison of income statements for the year ended, by filling the corresponding table from the ANSWER SHEET, contrasting FIFO, LIFO and Weighted-Average methods. Assume that "Other Expenses" for the year are 1.000, and the income tax rate is 30%. ( 0.5 points for each method)

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