Dear Professor Garreis,

Thank you for your reply and corrections of my English

I will answer your last questions.

Do you go to the school festival? Is the comedian funny?
>>I go to the school festival every year

I play at the school festival with a brass band that I belong to.

>I never thought of that! How wonderful!!

Is there such a thing in Japan? They are quite popular in the US.

>>It is not mainstream in Japan.

The bazaar which is done at elementary school is very popular and it is familiar to local people.

Today (Sunday) is Father's Day.

Here is a Wikipedia link to an explanation of Father's Day: https://en.wikipedia.org/wiki/Father's_Day_(United_States )

I wished my three sons a happy Father's Day by text message. I think they did not do anything special.

Is this holiday celebrated in Japan？

>>It is also in Japan.

I gave him as a present a beer that was a little expensive.

>I bet he liked it!

I sent my father an email saying "Thank you always".

>I bet he liked the email even better than the beer.

【Home work】

1.What is format for an American Income Statement?
The format for an American Income Statement is Revenues and Expenses and Net Income.

>I will accept this answer. But please see the answer file attached to this email.

For example, Revenues is sale of Electronic Devices.
For example, Expenses is Cost of Goods Sold.

2.Use your words to tell me how to calculate cost of goods sold. Please do not use any numbers.
Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.

>Correct.

3.Did Beach Toys use LIFO or FIFO to calculate the cost of goods sold?

Beach Toys uses FIFO to calculate the cost of goods sold.

>Correct.

4.Dose the purchase price of inventory rise or fall for Beach Toys,Inc?

The purchase price of inventory is rising.

>Correct.

5.Which inventory method (LIFO of FIFO) is better for Beach Toys, Inc to use?
Better means results in lower income tax.
Beach Toys, Inc to use LIFO.
Beach Toys, Inc. should use LIFO because income tax would decrease.

>Correct.

6.How easy was this lesson for you?
Very hard

【Vocabulary - Income Statement】

Cost of goods sold     Uriagegenka
First-in first-out          Sakiiresakidasi
Gross margin               Uriagesourieki
Inventory                       Zaiko
Invoice                           Okurijou
Last-in first-out            Atoiresakidasi
Net income                  Toukijunrieki
Purchase                      Siireru
Revenue                        Syueki
Sale                               Hanbai