Exercise 8-30 (Algo) General ledger exercise; inventory transactions [ LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 88] On January 1, 2024, Displays Incorporated had the following account balances: From January 1 to December 31 , the following summary transactions occurred: a. Purchased inventory on account for $350,000. b. Sold inventory on account for $670,000. The cost of the inventory sold was $330,000. c. Recelved $596,000 from customers on accounts receivable. d. Paid freight on inventory received, $44,000. e. Paid $340,000 to inventory suppliers on accounts payable of $349,000. The difference reflects purchase discounts of $9,000. t. Paid rent for the current year, $62,000. The payment was recorded to Rent Expense. 9. Paid salaries for the current year, $170,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $8,000. b. Accrued interest expense on notes payable for the yeat c. Accrued income taxes at the end of December are $38,000. Complete this question by entering your answers in the tabs below. Prepare an income statement for the period ended December 31, 2024. Choose the appropriate accoun company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each a your selection. Prepare a classified balance sheet as of December 31,2024. Choose the appropriate accounts to complete the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your Complete this question by entering your answers in the tabs below. Using the information from the requirements above, complete the 'Analysis'. Analyze the following for Displays Incorporated: (a) Suppose Displays Incorporated decided to maintain its intemal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $120,000, calculate the LIFO reserve