please help with E and F!

Custom Paste E $ B IULIA & fx % A78 x A 1 Name: 3 Instructions: 4 Information about Inventory purchases and sales for Part#361A for 5 the Royce Company are presented below. 7 In Sections A,B,&C - calculate cost of goods sold & ending inventory 8 using FIFO, LIFO, & Weighted Average methods. 10 Complete comparative Income Statements in Section D using your 11 answers from Sections A,B,&C. 13 In Section E you will select one of the inventory costing methods to 14 recommend to the business based on the results in Sections A-D. 16 Complete the monthly Inventory entries in Section F based on the 17 Inventory costing method selected in Section E. Inventory Part 8361A Beginning Inventory First Purchase Second Purchase Total Units 130 115 175 420 Cost per Unit $ 91 96 102 $ $ $ Cost 11,830 11.040 17.850 40.720 After building its inventory to 420 units, the company sold: 350 units $180 sales price per unit 32 a. First-n, First-Out b. Las 34 FIFO - Cost of Goods Sold Units 130 115 Cost per Unit COGS 91 $ 11,830 96 '$ 11,040 10 Fe LIFO Sheet1 Ready Home ALU 213_Chap View Insert Draw Page Layout Formulas Data Review Verdana 10 AA== & BI U vir an A. + x & fe Custom Paste $ % A78 $180 sales price per unit 32 a. First-n, First-Out FIFO - Cost of Goods Sold Cost per Unit 91 96 102 b. La LIFO Units 1305 115 105 350 COGS $ 11.830 $ 11,040 $ 10, 710 $ 33,580 Total FIFO - Ending Inventory Units Cost per Unit $ 102 Ending Inventory 7,140 70 LIFO - Total 20 $ 7.140 c. Weighted Average d. - Ince Total Units Total Cost 55 Total Inventory Cost per Unit 57 Cost of Goods Sold 59 Ending Inventory: Sales Cost of Gross M Operatif Income Income Net Inco 63 e. Selection of Inventory Costing Method Sheet1 + Ready CUDUN Format as Table : $ % , Delete Format EX b. Last-In, First-Out LIFO - Cost of Goods Sold Cost per Unit Units 175 115 60 350 COGS 17,850 11,040 5,460 34,350 91 Total LIFO - Ending Inventory Units 70 Cost per Unit $ 91 Ending Inventory 6,370 Total 70 6,370 d. - Income Statement, including Computation of Income Tax Expense and Net Income FIFO LIFO Weight Av. Sales Cost of Goods Sold Gross Margin Operating Expenses 8,500 8,500 8,500 Income Before Tax Income Tax 35% Net Income a L agu Custor Paste & A78 Verdana 10 AA== E B I Ur bra. A. fx x 74 f. Monthly Inventory Entries - Record each entry based on amounts in Sections A through D above. Acct. Titles 77 First purchase of 115 units. Debit Credit Second purchase of 175 units. 85 Sale of 350 units on account at $180 each; terms 2/10, n/30. Be sure to use the inventory costing method chosen in Section E. Granted $350 of sales allowance to a customer. 96 Received payment from sales above within the discount period. 101 Completed physicial Inventory, and recorded $725 adjustment for 102 Inventory shrinkage. 104 106 107 108 109 Sheet1 Ready