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Johnson Corporation began 2011 with inventory of 9,130 units of its only product. The units cost $8 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2011: a. Purchased 50,500 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b. shipping point and freight charges of $0.60 per unit were paid by Johnson. b. 1,010 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.60 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received. c. Sales for the year totaled 45,450 units at $16 per unit. d. On December 28, 2011, Johnson purchased 5,050 additional units at $10 each. The goods were shipped f.o.b. destination and arrived at Johnson's warehouse on January 4, 2012. e. 13,170 units were on hand at the end of 2011. Required: (1) Determine ending inventory and cost of goods sold for 2011. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory $ Cost of goods sold $ (2) Assuming that operating expenses other than those indicated in the above transactions amounted to $150,000, determine income before income taxes for 2011. (Round your intermediate calculations and final answers to the nearest dollar amount.Omit the "$" sign in your response.)
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