Answer the following questions using the information provided in E10- 3:
a. Prepare a partial income statement and balance sheet for Zoola, Inc. under each of the inventory valuation methods.
b. Assume that the company reported current assets (without inventory) of $ 469,801 at the beginning of the year and $ 480,976 at the end of the year. Also assume that it reports current liabilities of $ 403,568 and $ 423,571 at the beginning and end of the year, respectively. Compute the current ratio and inventory turnover ratio under each of the inventory valuation methods. The inventory turnover ratio is only required for the end of the period.