• Calculate the Cost of Goods Sold (COGS) using the FIFO method for Tesla Inc. with the following data:
  • Beginning inventory: 5,000 units @ $200 per unit
  • Purchases:
    • March: 10,000 units @ $220 per unit
    • July: 15,000 units @ $230 per unit
• Sales: 25,000 units
• Ending inventory: 5,000 units
• Requirement 2: Prepare a comparative income statement for Tesla Inc. for the years 2022 and 2023 based on the following information:
  • 2022:
    • Net Sales: $10,000,000
    • COGS: $6,000,000
    • Operating Expenses: $2,000,000
    • Interest Expense: $500,000
    • Income Tax Rate: 25%
• 2023:
  • Net Sales: $12,000,000
  • COGS: $7,000,000
  • Operating Expenses: $2,500,000
  • Interest Expense: $600,000
  • Income Tax Rate: 30%
• Requirement 3: Prepare a classified balance sheet for Tesla Inc. as of December 31, 2023, including:
  • Current Assets: $5,000,000
  • Non-current Assets: $15,000,000
  • Current Liabilities: $3,000,000
  • Long-term Debt: $8,000,000
  • Shareholders' Equity: $9,000,000