1. Tinker Bell Corp., which uses the periodic inventory system for merchandise, had the following: Cost per $11 12 13 Units ccou n 8,000 Beginning inventory, Jan 1 Jan 19 purchase Jan 28 13,000 5,000 If 11,000 units are on hand at January 31, the cost of the ending inventory under FIFO is: C d a check for $750 payment had been wriuen off as uncolle eccount from Billy le two years : Answer: stil Itasall00.002 0 J0 s snidosm wan beipo.c balAgin ptoreil c00 O12 sd ooulsy.(slen) laubie b hota Under LIFO 00,0 s boubo pon aegz o elinu to dr booub atin 000 1s tboog tin 000.8 Answer: ridbemod) aborltsm ivello 2. Tong Company sells office equipment on September 30, 2018, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2018, had accumulated depreciation of $42,000. Depreciation for the first nine months of 2018 is $5,500. Prepare the journal entries to (a) update depreciation to September 30, 2018, and (b) record the sale of the equipment. Date Credit Account Name Debit 3. Straight A Industries acquired a new machine at a cost of $70,000. Useful life was estimated to be 5 years and residual (resale) value to be $10,000. The total number of units of product expected to be produced was 60,000. In year 1, 16,000 units were produced; in year 2, 14,000 units were produced. Instructions: complete depreciation for the first and second years using the following methods (the machine was placed in service at the very beginning of year 1): Year 1 Year 2 Double declining balance a. b. Straight-line Units of production . Give the journal entry to record depreciation for year 1 under (b) above: Date Debit Credit Account Names