1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.

1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.

1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.Worker Products CompanyAdjusted Trial BalanceDecember 31DebitCreditCash $9,400Accounts receivable25,000Merchandise inventory 36,000Office supplies 900Store equipment 75,000Accumulated depreciation store equipment $22,000Office equipment 60,000Accumulated depreciation -office equipment 15,000Accounts payable 42,000Notes payable 10,000F. Worker, Capital 110,700F. Worker, Withdrawals 48,000Sales 325,000Sales discounts 6,000Sales returns and allowances 16,500Cost of goods sold 195,000Sales salaries expense 32,500Depreciation expense store equipment 11,000Depreciation expense office equipment 7,500Office supplies expense 1,300Interest expense 600Totals $524,700 $524,7002. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries. Worker Products CompanyAdjusted Trial BalanceDecember 31Debit CreditCash$ 9,400Accounts receivable 25,000Merchandise inventory 36,000Office supplies 900Store equipment 75,000Accumulated depreciation store equipment $22,000Office equipment 60,000Accumulated depreciation -office equipment 15,000Accounts payable 42,000Notes payable 10,000F. Worker, Capital 110,700F. Worker, Withdrawals 48,000Sales 325,000Sales discounts 6,000Sales returns and allowances 16,500Cost of goods sold 195,000Sales salaries expense 32,500Depreciation expense store equipment 11,000Depreciation expense office equipment 7,500Office supplies expense 1,300Interest expense 600Totals $524,700 $524,7003. A company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at$15 each May 5 Purchased 270 units at$17 eachMay 10 Sold400 units at $50 eachMay 20 Purchased 300 units at $22 eachMay 25 Sold 400 units at $50 eachThere was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory? 4. A company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at $15 eachMay 5 Purchased 270 units at $17 eachMay 10 Sold 400 units at $50 eachMay 20 Purchased 300 units at $22 eachMay 25 Sold 400 units at $50 eachThere was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory? 5. Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Flaxco paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory.A. $50,000B. $53,000C. $52,000D. $51,500E. $53,2006. A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? A. $470B. $490C. $450D. $570E. $5207. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.Date Activities Units Acquired at Cost Units Sold at RetailMay 1 Beginning Inventory150 units @ $10.005 Purchase220 units @ $12.0010 Sales140 units @ $20.0015 Purchase100 units @ $13.0024 Sales150 units @ $21.00A. $2,260 B. $3,180C. $1,860 D. $3,580E. $2,1008. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.Date Activities Units Acquired at Cost Units Sold at RetailMay 1 Beginning Inventory 150 units @ $10.005 Purchase 220 units @ $12.0010 Sales 140 units @ $20.0015 Purchase 100 units @ $13.0024 Sales 150 units @ $21.00A. $2,260 B. $3,180C. $1,860 D. $3,580E. $2,100


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