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1. Vinnie has a small retail store and sells one product. His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000. During the year, Vinnie made the following purchases of the product: March 15,000 products at $5 each =$25,000 August 11,000 products at $6 each =$6,000 Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year. a. Calculate the total cost of goods available for sale. b. Calculate the cost of the ending inventory. 2. Carmen owns a house that she rents out for $600 per month. Her expenses for the 2022 tax year are as follows: Carmen bought the property in March of 2006, and her basis for depreciation on the house is $110,000. She uses straight-line depreciation with a 271/2-year life, so the depreciation on the house is $4,000. Calculate Carmen's net income or loss from renting the house if her gross rental income is $7,200($60012 months 1. Peter is a self-employed attorney. He gives the following information about his business to his CPA for use in preparing his 2022 tax return: Peter also drove his car 3,000 miles from Jan 1, 2022 to June 30, 2022 and 2,500 miles from July 1, 2022 to Dec. 31, 2022 for business and used the standard mileage method for computing transportation costs. (You will need to find the standard mileage rate from the textbook) How much will Peter show on his Schedule C for 2022 for: (COMPLETE SCHEDULE C. SCHEDULE C IS POSTED ON THE BB) a. Income b. Tax deductible expenses = c. Taxable income =