maining Time: 2 hours, 41 minutes, 08 seconds. estion Completion Status: Confused Ltd. Draft Financial Statements Revenues Cost of goods sold Gross Margin Operating expenses Net Income Set 1 $500,000 360.000 140,000 54.000 $86.000 Set 2 $500,000 375.000 125,000 70.000 $50.000 Cash $25,000 $25,000 Accounts receivable.net 80.000 84.000 Inventory 70,000 55,000 Capital assets, net 425,000 400,000 Current liabilities (90,000) (90,000) Long-term liabilities (250,000) (250,000) Shareholders' equity (260,000) (224,000) Required Determine which set of financial statements was prepared using FIFO and which was prepared using average costs. The price of Inventory has been dropping. Explain how you arrived at this conclusion. No marks will be rewarded for guessing. For the toolbar, press ALT+F10 (PC) or ALT FNF10 (Mac). TT T Arial 3(12pt) T. .E. 25 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers