Answer part 1 and 2

Clioker Question Preparation Guide: Ch. 5&& Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this guide in class Part 1: Prepare Revolutien Co, journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise Revolution Co. purchases $84,000 of inventory on account, terms 2/10n 30 from Likins Company. Revolution Co. returns $3,650 of inventory to Likins Company from the invtial purchase. p Revolution Co. pays the balance owed to Likins Company, takinge discourit g Sales of Merohandise (new soenario) d Coronado Co sells merchandise on aooount for $8,425 (terms 310 net 30) to Titanium Co. The merchandise had cost Coronado Co. $2,250. eitaniurn Cq, refurns $775 of the merchandise to Coronado Co. Assume this returned merchandise had cost Coronado Co. $430. t Titanium Co. pays Coronado Co. the owed within 10 days of the sale. The following units were on Part 2: During 2018, Kaplan Co. sold 19,000 units of its product. the Units Cost 1,00 $137,500 13,000 $13.70 178,100 ,0001 $14.80 |$296,000 $12.50 Purchase #1: (3/2/18) Purchase #3: (11/31/18) $765,100 Total Available for Sale 4,000 Less Sold Ending Inventory Required: In the table above,fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for 2 Fill in the next 3 questions. 1) If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? 2) If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? 3) If the company used the average cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 4 decimals (example $18.7915) Average Cost per unit- Part 3: 1 Calculate the five critical subtotals in the multistep income statement based on the information ed in this table: ales ales returms 12,000 26,300 4.400