PROBLEM 3(1points each)

The following information was obtained from the statement of financial

position of Lion Inc.
12/31/18 12/31/17
Cash 706,000.00 200,000.00
Notes Receivable ? 50,000.00
Inventory ? 399,750.00
Accoounts Payable ? 150,000.00

All operating expense aare paid by Lion Inc. With cash and all purchases of inventory
made on account. Lion, Inc sells only one product. All sales are cash sales which
are made for 100 per unit. Lion Inc purchaes 1500 units of
inventory per month and values its inventory using FIFO method. The unit cost
during January 2018 was 65.2 and increased by .20 per month during the year.
During the year 2018, payments to supplier totaled 943,400.00 and operating
expenses totaled 440,000.00 . The ending inventory for 2015 was
valued at 65 per unit.

10. Numbers of units sold during 2018

11. Total cost of purchases during 2018
12. Accounts Payable balance at Dec 31, 2018
13. Inventory quantity at December 31, 2018
14. FIFO cost of inventory on December 31, 2018.