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Question 2 - Proctoring Ena X C https://getproctorio.com/secured#lockdown Proctoring Enabled: Midterm Test 2 Saved Help Save & Exit Submit 2 Lunar Company uses a perpetual inventory system. The company's accounting records provided the following information for Product 2: Transactions Units Unit Cost a. Inventory, December 31, prior year 4,000 $11 For the current year: 45 b. Purchase, April 11 10,000 points c. Sale, May 1 ($29 each) 6,000 d. Purchase, June 1 9,000 12 e. Sale, July 3 ($29 each) 7,000 X 02-58.19 f. Operating expenses (excluding income tax expense), $86,000 Required: 1. Prepare a statement of earnings for the current year, through pretax earnings, showing the detailed computation of cost of sales for two cases: a. Case A-FIFO b. Case B-Weighted average (Round intermediate calculations to 2 decimal place.) LUNAR COMPANY Statement of Earnings (Partial) For the Year Ended December 31, Current Year + Case A Case B FIFO Weighted Average Mc Graw Hill O EN IN Q SearchQuestion 2 - Proctoring Ena X C @ https://getproctorio.com/secured#lockdown ... Proctoring Enabled: Midterm Test 2 4 Saved Help Save & Exit Submit 2 Record purchase of goods on account. 2 Record sales on account. 45 points 3 Record purchase of goods on account. + 8 02:58:04 Record sales on account. 100% 5 Record operating expenses. Credit 6 Record cost of sales for the period. 7 Record the entry to transfer the ending inventory amount from the cost of sales account. Note : @ = journal entry has been entered Record entry Clear entry View general journal Mc Graw Hill Q Search ENG IN 202Question 2 - Proctoring Ena X C G https://getproctorio.com/secured#lockdown Proctoring Enabled: Midterm Test 2 Saved Help Save & Exit Submit 2 2. Calculate the pretax earnings and the ending inventory amounts between the two cases, LE Comparison of Amounts 45 Case A Case B points FIFO Weighted + Average 02 58.15 Pretax earnings 100% Difference Ending inventory Difference 3. Which inventory costing method may be preferred for income tax purposes? O FIFO + O Weighted Average Mc Graw Hill ENG Search INtion 2 - Proctoring Ena X + https://getproctorio.com/secured#lockdown Saved toring Enabled: Midterm Test 2 i LUNAR COMPANY 2 Statement of Earnings (Partial) For the Year Ended December 31, Current Year Case A Case B Weighted FIFO Average nts S 02:42-15 Cost of sales: 0 0 0 0 0 $ $ 0 7 Calculate the nretay earnings and the ending inventory amounts between the twin Mc 2 of 4 Next Graw