C ezto heducation com/hm.tpx product units S9 each. Johnson Corporation began 20

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C ezto heducation com/hm.tpx product units S9 each. Johnson Corporation began 2016 with of 13.000 units of its only following transactions The company uses a penodic inventory system and the LIFO cost method. The occurred during 2016 purchases were 310. n/30, a. Purchased 65,000 additional units at a cost of $12 per unit. Terms of the b. shipping point and s method to record purchase discounts. The merchandise was fo purchased charges 50 by credit. Johnson was also given b. units purchased during the year returned to suppliers for purchase. The units were 1.300 were the of so per unit on defective and were returned two days after they were received were c. Sales for the year totaled 60,000 units at S19 per unit. The goods On December 28, 2016, hased 5.300 units at $12 each. d. shipped and purc warehouse on January 4, 2017. arrived at Johnson's e. 16,700 units were on hand at the end of 2016. Required: cost of goods sold for 2016 (Do not 1. Complete the below table to determine the ending inventory and with a your Amounts to be deducted should be indicated nus 117,000 13,000 2016 purchases 130,000 Ending inventory 117,000 Beginning inventory Net purchases Purchase discounts Cost of goods available for sale 117,000 Less Ending inventory Cost of goods sold (13.000) 2 Assuming determine income taxes for (Do calculations.) expenses other than those indicated in the above transactions amounted to

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Beginning Inventory 117000 Purchase during the year 764400 Closing Inventory 200400

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