Adjusted balance (as above) 2. Prepare the necessary journal entries (n general journal form) to adjust the accounting recorsa Lincoln Company as of March 31. (Explanations may be omitted, one compound journal enty acceptable). (5 points) 3. Determine the amount of cash and cash equivalents that should be reported in the company's balance sheet dated March 31. (5 points) Problem 3 (25 points) ABC Wholesale Inc. uses a perpetual inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: 30 units $300$ 9,000 35 units $31010,850 50 units $35017,500 _10 units @ $400# 4.000 $41.350 Jan. 1 Beginning inventory Mar. 8 Purchase Aug. 11 Purchase.. Oct. 23 Purchase Total available for sale 115 units On August 15, ABC Wholesale Inc. sold 110 units. The remaining units remained in inventory at December 31, the end of Altman Electric's fiscal year. 1. Compute the cost of goods sold relating to the sale on August 15 and the ending inventory of units using the following cost flow assumptions. (15 points) (Show the number of units and the unit costs of each layer) Inventory Cost of at Dec. 31 Goods Sold a Average cost b First-in, first-out