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Problem 8-4 (Static) Various inventory transactions; determining inventory and cost of goods; LIFO reserve [LO8-1, 8-2, 8-3, 8-4, 8-6] Jillet Corporation began the year with inventory of 10,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year. a. Purchased 50,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30. The company uses the gross method to record purchase discounts. The Inventory was purchased fo.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. b. 1,000 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges of $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received, The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) c. Sales for the year totaled 45,000 units at $18 per unit. (Hint: The cost of the inventory sold includes the purchase cost of those units plus freight less purchase discount) d. On December 28, Jillet purchased 5,000 additional units at $10 each. The goods were shipped f.o.b. destination and arrived at Jillet's warehouse on January 4 of the following year. e. 14,000 units were on hand at the end of the year. Required: 1. Determine ending Inventory and cost of goods sold at the end of the year. 2. Assuming that operating expenses other than those indicated in the above transactions amounted to $150,000, determine Income before income taxes for the year. 3. For financial reporting purposes, the company uses LIFO (amounts based on a periodic inventory system). Record the year-end adjusting entry for the LIFO reserve, assuming the balance in the LIFO reserve at the beginning of the year is $15,000, 4. Determine the amount the company would report as income before taxes for the year under LIFO. Operating expenses other than those indicated in the above transactions amounted to $150,000