Question: PROBLEMC USE THE INFOLNATION BELOW TO ANSWER QUESTIONS 34, 35, 36 and 37 The L-Doncic Corporation, a diversified distribution company, purchases cases of basketballs from
PROBLEMC USE THE INFOLNATION BELOW TO ANSWER QUESTIONS 34, 35, 36 and 37 The L-Doncic Corporation, a diversified distribution company, purchases cases of basketballs from the L.B James Company and markets the balls under the L-Doocic brand name. L-Doncic started operations on Jantuary 1. 2021. In the table below, Quarter 1 tepecents the time period from January 1, 2021 to Mareh 31, 2021 and Quarter 2 represents the time period from April 1, 2021 to June 30, 2021. L-Doncic began operations on January 1. 2021 with 100 cases of basketballs valued at $180 per case. Purchases and sales data for L-Doncic's find two quarters of business are shown below: Given the information above, compute the following amounts (in dollars) for the period covering January 1. 2021 through June 30,2021 (that is, for the 6-manth period): 34. Grows profit . (FIFO) for the period January 1. 2021 to June 30, 2021= 35. Ciroxs profit (1.JFO) for the period January 1. 2021 to June 30, 2021= 36. Inventer balance (is dollars) at the ead of Qaarter 2 (i.e., on the Jane 30,2021 balance sheet) assuming LIFO = 37. The L-Doncic Corporation sold units from a LIFO layer ia the second quarter of 2021 . If the appropriate cost of inventory during this quarter was the averane cost of all units purchased during the second quarter (note: tase the simple average cost of all units parchased = sum divided by 3; do not use the weighed average cost), fill in the dollar amount (on the line below) that the company reported in the following footnote to the 2021 annual repoet (round your answer to the nearest whole dollar): Cast of goods sold hus been reduced and oprating income increased by: for the period Janunary 1. 2021 to Jane 30,2021 as a roult of Liquidations of 1.15O imventories
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