9:07 1 Back () 2020- ... Score Part 2:Classification of special journals (15%, 3 points each) For each of the following transactions indicates the journal which should be used by placing the appropriate symbol in the table provided: S = Sales Journal; P= Purchases Journal: CR = Cash Receipts Journal: CP=Cash Payments Journal: J - General Journal ) ) 1 Collected money from making cash sale. 2. Recorded adjusting entry for prepaid insurance. 3. Paid wages expense to employees.( .) 4. Purchased inventories from suppliers on account. 5. Sold inventories to customers on account.( ) 2/7 Score Part 3: Inventory valuation methods (16%, 4 points each) Lemon Services has the following information regarding the inventory quantities, purchases, and sales of a type of merchandise during the year of 2019: : Number of Cost per unit Total cost Units (yuan) (yuan) Beginning inventory, Jan. 1, 2019 1296 30 38880 Mar. 03 Purchase 540 25 13500 Jun. 02 Purchase 05 35 21168 Sep 07 Purchase 389 40 15552 Goods available for sale 2830 89100 Units sold 1800 Units in ending inventory 1030 Using the information in the table above, compute the following: , 1. The cost of goods sold in the year of 2019 by using the LIFO method is: yuin 2. The cost of goods sold in the year of 2019 by using the FIFO method is: : yuan 3. The cost of ending inventory by using the FIFO method is: Download (108.9KB) Send Cloud Print