17. Which of the folloving is a poor internal accounting conrol feature? b. Combining authorization with custodianship. c. Hiring competent personnel d. Internal auditing. 18. The following journal entry is a. Accounts Payable necessary upon discovery of a "NSF" check during a bank reconciliation upon Cash Cash Cash b. Miscellaneous Expense c. Accounts Receivable d. No entry is necessary because the bank makes the entry following elements are not considered part of the "Fraud Triangle" b. Pressure c. Rationalization d. Technology Problem Prepare journal entries to record the following four transactions for Labatt Company using the perpetual inventory method. (Omit explanations for the entries.) 20. June Ipurchased on account inventory costing $15,000 terms 2/10 n/30. June 9returned inventory costing $2,000 that was purchased on June 1 June 10 paid for the merchandise purchased on June 1 June 15-sold inventory costing $6,500 for $12,000 cash. 21. Ling Company's inventory records for the current year are as follows: Number of Units 2073,000 56 Cost per Unit Total Cost $3.00 $2.90 $2.80 $2.70 $6,6004 8,700 9,800 7,560 6,50 $39,160 2,200 Beginning inventory irst purchase :20 Second purchase Third purchase Fourth purchase 3,500 2,800 2,500 .000$2.60 Goods available for sale (9,000) Units sold during the year 5,000 Units in inventory at end of year Compute the cost of ending inventory using the following inventory costing methods (show your work): a. FIFO b. LIFO c. Weighted Average Cost