ABC Limited started the period with 50 unit ofinventory on hand at a cost of 70$ per unit. During the year the following purchases and sales were made. Date Details Quant Buying and ity Selling Price per item Dec-02 Purchases 130 75.00 5 Sales 110 100.00 16 Purchases 170 85.00 27 Sales 180 100.00 All purhcases and sales were made on account Purchases made on December 2, was paid in full on December 26. On December 20, cash receipt for sales made on December 5 Adjustment Data a) As of December 31, ABC Ltd had $800 of prepaid Insurance remaining b) As of December 31, ABC Ltd had $600 of office supplies remaining c) Depreciation on building is $2,100 annually. Also during the year ABC Ltd purchased a vehicle for $50,000 on account that was completely omitted for the records. The vehicle is expected to have a residual value of $10,000 and a useful life of 5 years d) ABC Ltd pays its employess on a Friday for weekly salaries. It employees earns $1,300 for a five day workweek. December 31 falls on a Wednesday of this year e) On November 20, ABC Ltd contracted to perform services for a client receiving $1,600 in advance This amount was recorded correctly on the date. ABC Ltd recorded the cash as unearned revenue. As at December 31, ABC Ltd has $1,400 still unearned Requirement 1. Complete the inventory valuataion under LIFO FIFO and Weighted Averaged 2 Record all the transaction in the general Journal (both the adjustments and the purchases, sales, payment made and received of inventory under the FIFO method) 3 Post the transaction from number two (2) above to the worksheet 4 Prepare an Adjusted Trail Balance. 5 Prepare the Income statement under the single step method 6 Prepare the statement of shareholders equity 7 Prepare the Balance sheet 8 Record the closing entries to the general journal 9 Prepare post Closing Trial Balance Account Title ABC Ltd Adjusted Trial Balance December 31, 2018 Cash Accounts Receivable Prepaid Insurance Merhandise Inventory Office Supplies Building Accumulated Depreciation-Building Motor Vehicle Accumulated Depreciation-Motor Vehicle Accounts Payable Salaries Payable Unearned Revenue Midway, Capital Mideway, Withdrawals Service Revenue Merchandise Revenue Cost of goods Sold Salaries Expense Insurance Expense Depreciation Expense Advertising Expense Supplies Expense Total Balance Debit Credit $ 14,500 15,100 1,400 3,500 700 518,000 $ 310,000 7,710 2,600 1,600 222,160 1,890 16,900 2,600 - 2,600 680 - $ 560,970 $ 560,970