19. Using the assumptions below regarding inventory, calculate the value of ending inventory under First-In, First-Out. *

1. 700
2. 500
3. 400
4. 600

20. Using the assumptions from Question 19 regarding inventory, calculate the value of ending inventory under Last-In, First-Out. *

1. 1,675
2. 1,475
3. 1,575
4. 1,375

Assumptions: Beginning Inventory Purchases Units 50 20 10 45 Price $45 $35 $20 $10 Sales 2013 $ $ $ 270,000 113,400 86,400 13,500 $ $ 483,300 32,400 $ 515,700 Balance Sheet Assets Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Fixed Assets Total Assets Liabilities & Equity Accounts Payable Notes Payable Accrued Expenses Taxes Payable Deferred Taxes Total Current Liabilities Long-Term Notes Total Liabilities Capital Stock Retained Earnings Total Equity Total Liabilities & Equity Income Statement Sales Cost of Goods Sold Gross Profit Interest Income Total Income Sales Salaries Office Salaries Office Equipment Rental Interest Expense General & Administrative Total Expenses Income Before Tax Income Taxes Net Income 2013 650,000 182,000 468,000 65,000 533,000 149,500 32,500 45,500 19,500 5,850 252,850 280,150 162,500 117,650 $ $ $ 87,669 46,413 41,256 36,099 46,413 $ 257,850 118,611 $ 376,461 51,570 87,669 $ 139,239 $ 515,700 $