(1). Acme-Jones Company uses a periodic inventory system. August 2: 10 units were purchased at $12 per unit. August 18: 15 units were purchased at $15 per unit. August 29: 20 units were sold at a price of $20 each.. August 31: 14 units were purchased at $16 per unit. What is the cost of goods sold (COGS) and the value of ending inventory on August 31? (26 points)

(A) If the company uses the FIFO method COGS: $______ End. Inventory: $ _____

(B) If the company uses the LIFO method COGS: $______ End. Inventory: $______

(C) If the company uses the weighted average method COGS: $______ End. Inventory: $______

(D) Calculate the amount of Gross Profit under each of the above methods: (i) FIFO: $________ (ii) LIFO : $________ (iii) Weighted average method: $ _______

(E) Write the entry for Cost of goods sold in the journal either for FIFO or LIFO or weighted average.

(2). On October 1, JK Company bought merchandise worth $6,000 from Greg on credit at 2/10, n/30. He sold three-fourths of this to Eric on credit on October 5, with credit terms of 3/10, n/45 for $5,800.

Eric paid the money taking the benefits of cash discount of 3/10, n/45) on October, 7. JK Co. too paid on October 9, and took the appropriate discount.

Please make the journal entry in the books of JK Co. for the above purchase, cost of goods sold, and sale and for the payment made and cash received. How much gross profit was earned by JK Co.?