13000 interest expense 3000 and rent expense 20000

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$13,000; interest expense $3,000; and rent expense $20,000, which includes prepaymentstotaling $2,000 for the first month of 2015. The utilities represent utilities paid. December 31, utility expense of $3,000 has been incurred but not paid.InstructionsPrepare a correct detailed multiple-step income statement.P6-2BLifetime Distribution markets classic children’s books. At the beginning of June, Lifetime has in beginning inventory 1,200 books with a unit cost of $3. During June, Lifetime made the following purchase of books.At
June 34,000 @ $3June 294,000 @ $6June 187,500 @ $5During June, 10,500 books were sold. Lifetime uses a periodic inventory system.Instructions(a)Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average- cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Note: For average-cost, round cost per unit to three decimal places.)(c)Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods for the income statement?P6-3BSmythe Company Inc., had a beginning inventory of 200 units of Product ERV at a cost $6 per unit. During the year, purchases were:Jan. 24800 units at $7Aug. 19600 units at $9Apr. 12400 units at $8Nov. 30350 units at $10Smythe Company uses a periodic inventory system. Sales totaled 1,900 units.Instructions(a)Determine the cost of goods available for sale(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimalplaces.)(c)Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?

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