Accounting for Merchandise: Assignment One Create a report to show the following journal entries and trial balance for the transactions below.. On January 1, Parker Limited had a beginning inventory of 30 toilet seats which had cost the company $11 each. During the year, the following purchase transactions took place: March 21 Purchased 10 units for $11 August 7 Purchased 20 units for $12 September 10 sold 15 units for $30 a piece. November 18 Purchased 30 units for $13 December 23 Purchased 10 units for $13 During the year, the company also sold 60 units for a selling price of $30. Instructions (a) Determine the cost of goods available for sale, assuming that the company is using a periodic inventory system. (b) Determine (1) the cost of goods sold and (2) the cost of the ending inventory under each of the three cost flow assumptions (FIFO, weighted average, and LIFO). Action Plan - The cost of goods available for sale is the same under all cost flow assumptions. It is calculated as beginning inventory plus net purchases (quantity X unit price). The number of units sold is the same under all methods. To determine the Cost of Goods Sold under the FIFO (first-in, first-out) method, start counting forward from the beginning inventory (if any) until you reach the number of units sold; under the LIFO (last-in, first-out) method, start counting backwards from the last purchase date; and under the weighted average method, divide total goods available for sale in dollars by the total goods available for sale in units. The quantity (number of units) in ending inventory is the same under all methods. To determine the total cost under the FIFO method, start from the last unit purchased; under the LIFO method, start from beginning inventory; and under the weighted average method calculate and apply the weighted average unit cost