Your predecessor left the firm in a hurry. Your primary responsibility is to finish the 2018 year-end financial statements. Specifically, you must complete:

1) any necessary correcting journal entries

2) all the adjusting journal entries

3) the Trial Balances

4) the closing journal entries

5) a complete Multi-step Income Statement for the year ended Dec. 31, 2018

6) a classified Balance Sheet as of December 31, 2018.

a. Cost of Goods Sold: ARS uses a periodic FIFO inventory system for its normal restaurant equipment operations. A physical inventory count indicated 40,000 units on hand at the end of 2018.

PURCHASES FOR 2018 (normal operations) Beginning units:	15,000 units @ $90.00 each
Purchases:
Apr - May	30,000 units @ $90.90 each
Jun - Jul	40,000 units @ $91.35 each
Aug - Sep	34,000 units @ $91.80 each
Oct	25,000 units @ $92.25 each
Nov - Dec	28,000 units @ $92.70 each