1. Following is an inventory acquisition schedule for ABC CO. for 2020: Unit Units Cost Beg. Inventory 500 $ 13 Purchases: Feb. 4 300 15 Apr. 12 400 16 Sept. 10 200 15 Dec. 5 100 18 During the year, ABC sold 1150 units at $22 each. Compute the cost of goods sold (COGS) and ending inventory under each of the following three methods (assume a periodic inventory system): (a) simple weighted average, b) FIFO, C) LIF, and make the necessary adjusting journal entries. 2. Prepare journal entries to record the following transactions of the XYZ Company. July 1 Purchased goods from the Alfa Company for $3,000, 3/15, 1/30. 2 Sold goods to Beta Co. for $900, 2/10, 1/60. 8 Sold $3,500 of goods for cash 9 Purchased goods from the Delta Co. for $4,200, 5/7,n/15. 11 Received $600 cash from the return of goods purchased on July 9. 12 Received the balance due from the Beta Co. for the credit sale dated July 2, net of the discount 15 Paid the balance due to the Alfa Company within the discount period. 20 Sold goods to Gamma Co. for $1,650, 1/10,n/60. 21 Granted a $150 to Gamma Co. for an allowance on goods sold on July 19. 24 Paid the Delta Co. the balance. 30 Received the balance due from the Gamma Co. for the credit sale dated July 19, net of the discount. 31 Close all returns, allowances and discounts 3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Quantity Unit Cost When Replacement Cost Item on Hand Acquired (market) at year end A 100 $30 $20 B 80 25 28 35 55 58 75 40 35