USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS $39-42$

The Hester Corporation, a diversified distribution company, purchases cartons of canned golf balls from

the LongDistance Company and markets the balls under the Hester brand name. Hester started

operations on January $1,2022.$ In the table below, Quarter $1$ represents the time period from January

$1,2022$ to March $31,2022$ and Quarter $2$ represents the time period from April $1,2022$ to June $30,$

Hester began operations on January $1,2022$ with no inventory.

Purchases and sales data for Hester's first two quarters of business are shown below:

Calculate the Quarter $2$ ending inventories $($in dollars$)$ using the LIFO inventory valuation method.

Calculate Quarter $2$ GROSS PROFIT using the LIFO inventory valuation method.

Calculate the Quarter $2$ ending inventories $($in dollars$)$ using the FIFO inventory valuation method.

Calculate Quarter $2$ GROSS PROFIT using the FIFO inventory valuation method.USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS $39-42$

The Hester Corporation, a diversified distribution company, purchases cartons of canned golf balls from

the LongDistance Company and markets the balls under the Hester brand name. Hester started

operations on January $1,2022.$ In the table below, Quarter $1$ represents the time period from January

$1,2022$ to March $31,2022$ and Quarter $2$ represents the time period from April $1,2022$ to June $30,$

Hester began operations on January $1,2022$ with no inventory.

Purchases and sales data for Hester's first two quarters of business are shown below:

Calculate the Quarter $2$ ending inventories $($in dollars$)$ using the LIFO inventory valuation method.

Calculate Quarter $2$ GROSS PROFIT using the LIFO inventory valuation method.

Calculate the Quarter $2$ ending inventories $($in dollars$)$ using the FIFO inventory valuation method.

Calculate Quarter $2$ GROSS PROFIT using the FIFO inventory valuation method.