Chapter 1, Problem 10.2EC

At the beginning of the year, Queen Industries' liabilities equal $92,000. During the year, assets increase by $124,000, and at year-end, assets equal $310,000. Liabilities increase by $18,000 during the year. What is the beginning and ending amounts of equity?

I am trying to find the accurate solution to this general accounting problem with the correct explanation.

Rami Electronics maintains inventory of a popular component and uses the FIFO method for inventory valuation. On April 1, the company had 200 units in beginning inventory valued at $15 per unit. During April, the company made two purchases: 300 units at $18 per unit on April 10, and 150 units at $20 per unit on April 20. At the end of the month, a physical count revealed that 250 units remained in inventory. The accounting department needs to determine the cost of goods sold for April and the ending inventory value under the FIFO method.