Please answer from 34 to 40.

Error

Question 38* instead of Question 35

USE THE INFORMATION BELOW TO ANSWER THE QUESTIONS 34 - 40 Purchases of inventory and sales information for the Baker Company (a retailer) are summarized below by quarter. Assume Baker Company began operations on January 1, 2019 (with zero inventory): Month Purchases in Units Cost per Unit January 14.000 $10 February 5,000 $10 March 3,000 $12 Quarter 1 sales = 14,000 units at $20 per unit April 4,000 May 9,000 June Quarter 2 sales = 17,000 units at S24 per unit $14 $18 $18 5.000 July 3,000 August 7,000 September 6,000 Quarter 3 sales = 24,000 units at $28 per unit $20 $21 $20 October 6,000 November 11,000 December 10.000 Quarter 4 sales = 22,000 units at $32 per unit $22 $24 $26 Given the information above, compute the following amounts (in dollars) for the period covering January 1, 2019 through December 31, 2019 (that is, for the entire year): 34. Cost of goods sold (FIFO) = 35. Gross profit (FIFO) = 36. Cost of goods sold (LIFO) = 37. Gross profit (LIFO) = 6 38. Did a LIFO layer reduction occur for Baker Company (assuming the company used the LIFO method) during the year? a. Yes b. No 39. If your answer to question 35 was YES, in which quarter? (If your answer to question 35 was NO, choose answer choice e a. Q1 b. Q2 c. Q3 d. 24 e. Baker Company did not have a LIFO layer reduction during the year. 40. If your answer to question 35 was YES and if the appropriate cost of inventory during the quarter in which the LIFO layer reduction occurred was the average cost of all units purchased during that quarter, fill in the dollar amount (on the line below) that the company reported in the following footnote to the 2019 annual report (if Baker did not experience a LIFO layer reduction in 2019, enter 0): Cost of goods sold has been reduced and operating income increased by $ in 2019 as a result of liquidations of LIFO inventories