Answer Happy

om Insert Chart Text Shape Media Commer add Cat Pg3 Pg. 1 Po 2 Pg4 Date 1/06/2022 2/16/2022 7/06/2022 7/08/2022 8/15/2022 9/01/2022 9/20/2022 10/10/2022 12/01/2022 Description Purchased Purchased Sold Purchased Sold Sold Purchased Sold Purchased Quantity 6 Items @ $5 per item 5 items$6 per item 6 items 4 items @ $7 per item 5 items 3 items 7 items @ $8 per item 4 items 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt $ Net Income Date 2/10/2022 3/21/2022 4/06/2022 7/26/2022 8/18/2022 8/02/2022 10/22/2022 11/22/2022 12/22/2022 Description Purchased Purchased Sold Purchased Sold Purchased Sold Sold Purchased Quantity 4 Items @ $20 per item 5 items @ $19 per item 5 items 6 items $18 per item 7 Items 6 items $17 per item 4 items 2 items 8 items @ $16 a. Calculate both the ending Inventory and the COGS using the LIFO method b. Prepare the income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000 MacBook Air