Question 4 [30 points]

During 2014, Barton Corporation sold 200 units of its product on September 1 and 300 units on December 8, all at a price of $96.00 per unit. Barton Corporation began the year with, and made successive purchases of the product as follows :

Question 4 [30 points] During 2014, Barton Corporation sold 200 units of its product on September 1 and 300 units on December 8, all at a price of $96.00 per unit. Barton Corporation began the year with, and made successive purchases of the product as follows: Beginning Inventory: 400 units @ $34/unit Purchase on February 6 : 400 units @ $33/unit Purchase on October 1: 150 units @ $31/unit Given that Barton Corporation employs a perpetual inventory system, use the above information and the selected account balances at year-end shown below to prepare a multiple-step income statement for the year ended December 31, 2014. Assume that Barton Corporation uses the FIFO inventory system. (select one) Income Statement (select one) Account Cost of goods sold. Income taxes expense Interest earned Interest expense. Office supplies expense. Rent expense, selling space Sales Sales discounts Sales retums and allowances Sales salaries expense Store supplies expense Balance ??? 408 38,500 16,500 11,000 9,800 ??? 110 950 12,300 16,900