Jillet Corporation began the year with inventory of 28,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: a. Purchased 140,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10./30. The company uses the gross method to record purchase discounts. The inventory was purchased f.o.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. b. 2,800 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received. The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) c. Sales for the year totaled 135,000 units at $18 per unit. (Hint: The cost of the inventory sold includes the purchase cost of tho units plus freight less purchase discount.) d. On December 28, Jillet purchased 6,800 additional units at $10 each. The goods were shipped f.o.b. destination and arrived Jillet's warehouse on January 4 of the following year. e. 30,200 units were on hand at the end of the year. 3. For financial reporting purposes, the company uses LIFO (amounts based on a periodic inventory system). Record the year-en adjusting entry for the LIFO reserve, assuming the balance in the LIFO reserve at the beginning of the year is $18,600. 4. Determine the amount the company would report as income before taxes for the year under LIFO. Operating expenses other than those indicated in the above transactions amounted to $186,000. Complete this question by entering your answers in the tabs below. Required 1 No 1 Required 2 Required 3 For financial reporting purposes, the company uses LIFO (amounts based on a periodic inventory system). Record the year- end adjusting entry for the LIFO reserve, assuming the balance in the LIFO reserve at the beginning of the year is $18,600. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Credit Transaction 1 Required 1 Cost of goods sold LIFO reserve Required 2 Answer is not complete. Required 3 Required 4 Income before income taxes under LIFO General Journal Required Debit 18,600 X 292,460 X Determine the amount the company would report as income before taxes for the year under LIFO. Operating expenses other than those indicated in the above transactions amounted to $186,000.