Please help with the four parts: Req1A,1B and Req2A,2B

Sierra Company incurs the following costs to produce and sell its only product. During this year, 30,500 units were produced and 25,500 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $120,000 for the 5,000 unsold units. Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing. 1.b. Does it appear that the company is using variable costing or absorption costing to assign costs to the 5,000 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders. a. is Finished Goods inventory of $120,000 the correct amount to include on the balance sheet for external reporting purposes? b. What balance should be reported in the Finished Goods inventory account for external reporting purposes? Complete this question by entering your answers in the tabs below. Cakculate this year's ending balance in Finished Goods itwentory two ways-using variable costing and using absorption costing. (Round intermediate calculation to the neare:t dollar amount.) Sierra Company incurs the following costs to produce and sell its only product. During this year, 30,500 units were produced and 25,500 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $120.000 for the 5.000 unsold units Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing 1.b. Does it appear that the company is using variable costing or absorption costing to assign costs to the 5,000 units in its Finished Goods inventory? 2. Assume that the company wishes to prepare this year's financial statements for its stockholders a. Is Finished Goods inventory of $120.000 the correct amount to include on the bolance sheet for external reporting purposes? b. What balence should be reported in the Finished Goods inventory occount for external reporting purposes? Complete this question by entering your answers in the tabs below. Does it appear that the company is using vanable costing or absorption costing to assign costs to the 5,000 units in its Finished Goods inventory? Slerra Company incurs the following costs to produce and sell its only product Duning this year, 30.500 units were produced and 25.500 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $120,000 for the 5,000 unsold units. Required: 1-a. Calculate this year's ending balance in Finished Goods irventory two ways-using variable costing and using absorption costing 16. Does it appear that the company is using variable costing or absorption costing to assign costs to the 5,000 units in its Finished Goods inventory? 2. Assume that the company wishes to prepore this year's financial statements for its stockholders a is Finished Goods inventory of $120,000 the correct amount to include on the balance sheet for oxternal reporting purposes? b. What balance should be reported in the Finished Goods inventory account for external reporting purposes? Complete this question by entering your answers in the tabs below. Assume that the company wishes to prepare this vear's finncial stategents for rts stockholders. Is Finished Goods inventory of $120,000 the correct amount to inctude on the balance stheet for extemad ceperting purposes? Yes, brcausn vanatie zosting is generally acceptod for eneingleppermy No, because variatie costng is not generally accepted sor extenal iepoitho Yet, because abscoption costing is gete:ally accepled for exdernal reporbing Slerra Company incurs the following costs to produce and sell its only product During this year, 30,500 units were produced and 25,500 units were sold. The Finished Goods inventory account at the end of this year shows a balance of $120,000 for the 5,000 unsold units Required: 1. . Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing 1.b. Does it appear that the company is using variable costing or absorption costing to assign costs to the 5,000 units in its Finished Goods inventory? 2. Assume thot the company wishes to prepare this year's financial statements for its stockholders a. Is Finished Goods inventory of $120,000 the correct amount to include on the balance sheet for external reporting purposes? b. What bolance should be reported in the Finished Goods inventory account for external reporting purposes? Complete this question by entering your answers in the tabs below. Assume that the company wishes to prepare this year's financat statements for ts stockholders. What balance should be reported in the finished Goods inventory account for extemat reporting purposes ? Fifitsh ru nogds inventory balalice for exdernal reporting purposes