The following transactions pertain to year 1, the first-year operations of Adams Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. a. Acquired $4,800 cash by issuing common stock.
b. Paid $670 for materials used to produce inventory.
c. Paid $1,870 to production workers.
d. Paid $1,098 rental fee for production equipment.
e. Paid $140 to administrative employees.
f. Paid $117 rental fee for administrative office equipment.
g. Produced 340 units of inventory of which 270 units were sold at a price of $13 each.

Required:
Prepare an income statement and a balance sheet in accordance with GAAP.

Jiffy printing shops does a lot of printing job for college students. the shop use an average of 25 cases of copy paper each day during the 312 days last year. the shop opens 6 days a week for 52 weeks each year and closes on sundays. each case of paper costs $35. it conducts a count of its paper inventory at the end of every quarter of the year. the table below shows the inventory counting records for last year. inventory end of quarter 1 700 cases end of quarter 2 1,050 cases end of quarter 3 920 cases end of quarter 4 800 cases 1. what's jiffy's cost of goods sold last year? 2. what's jiffy's average aggregate inventory value? 3. what's jiffy's inventory turnover last year? 4. what is the printing shop's weeks of supply last year?