1. Customer Bob pays Sky Company in $2,000 advance of a future order. Sky Company's entry to record this event is: 2. On January 1, a company purchases a $1,000 hurricane insurance policy covering the company for the period of January 1 through December 31 of the current year. As of June 30 of the current year, what is the total expense that should be recognized for this insurance policy (assume the company makes the appropriate adjusting entries monthly)? 3. Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? 4. On October 1, ABC purchases 100 units of inventory from XYZ for $100 per unit. The terms of the sale were 1/15 n/60. On October 5, ABC returns 10 units (there were no defects with the units). On October 9, ABC pays for the units. On October 22, ABC sells 10 units of the inventory purchased on October 1 for $200 per unit on credit. What is the impact to ABC's cash flow for the month of October as a result of these events? 5. Assuming that prices do rise over time (i.e., inflation), which inventory valuation methodology will always result in the highest net income for a company? 6. ABC is a reseller of goods. The following transactions took place during March for ABC as it pertains to inventory: March 1 Inventory Balance of 200 units purchased at $20/Unit March 7 Purchased 200 units at $22/Unit March 10 Sold 300 units at a price of $40/Unit March 15 Purchased 100 units at $23/Unit March 21 Sold 150 units at a price of $40/Unit March 25 Purchased 100 units at $24/Unit What is the COGS for the month of March assuming the company is using the Periodic LIFO methodology for inventory valuation?