Flint Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information:

			Purchases						Cost of Goods Sold						Ending Inventory
Date			Units		Cost		Total		Units		Cost		Total		Units		Cost		Total
Oct.	2		8,700		$ 12		$ 104,400								8,700		$ 12		$ 104,400
	15		14,500		16		232,000								[1]		[2]
															[3]		[4]		[5]
	29								22,200
									[6]		[7]
									[8]		[9]		[10]		[11]		[12]		[13]

The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.

		FIFO		Average
Sales		$ 546,000		$ 546,000
Cost of goods sold
Gross profit
Operating expenses		214,000		214,000
Income before income tax
Income tax expense ( 30%)
Net income

Fill in the missing information in the blanks shown in the partial statement of income above.

		FIFO		Average
Sales		$ 546,000		$ 546,000
Cost of goods sold		enter a dollar amount		enter a dollar amount
Gross profit		enter a total amount for the first part		enter a total amount for the first part
Operating expenses		214,000		214,000
Income before income tax		enter a total amount for the second part		enter a total amount for the second part
Income tax expense ( 30%)		enter a dollar amount		enter a dollar amount
Net income		$ enter a total amount		$ enter a total amount