Can someone please help me with this project. I really need help with the journal entries, adjusted trial balance and inventory cost sheet. I had posted this before but it just straight up disappeared from the website. Thank you!

GROUP PROBLEM: EXAM 2 Super Rich Business Person (SRBP) just opened a new merchandising company, COMPANY 1. Assume that COMPANY 1 has the following transactions in its first month of operations in 20x2. Unless specified, assume all sales and purchases are on account (i.e., receivables and payables). Inventory vendors for COMPANY 1 provide the option of a purchase discount and free shipping on purchases greater than $120,000, but not on purchases below this amount. COMPANY 1 records the actual cost of inventory purchases, but estimates the cost of Goods Sold based on the expected average inventory costs during the year. This year's expected average inventory cost is $78. This estimated amount will be corrected based on the month-end inventory cost determination. The sale price for COMPANY 1's product is $200. Discounts are only offered to customers in the loyalty program, so only those sales transactions with terms include a discount. All sales are FOB Shipping, but shipping costs are paid for customers in the loyalty program. Sales returns are estimated at the end of the month (estimated returns are taken directly out of Sales Revenue [i.e., don't use the Sales Returns & Allowances account]). The company adjusts merchandise inventory and cost of goods sold at the end of each month based on the application of ending inventory cost flow methods. While only one cost flow method is permitted, you will calculate cost flows with the three most common methods: LIFO, FIFO, and Weighted-Average. The Problem has two parts: PART I includes 35 journal entries relevant to a merchandising company. These entries need to be journalized and posted. After all entries are posted to T-accounts, an adjusted trial balance should be prepared. PART II requires the valuation of ending inventory at month's end. With the provided purchasing tiers, you will need to value ending inventory and cost of goods sold with the three primary cost flow methods, LIFO, FIFO, and Weighted- Average. PARTI - Journal Transactions: 1. Issued common stock for $100,000 in buildings and equipment and $75,000 in cash. 2. Purchased inventory on account, $83,375 (1,150 units), the purchase order no. is PO1. 3. Paid for freight in with cash (inventory shipping), $5,750. 4. Paid a cash advance for business insurance for three months, $15,000 5. Purchased supplies for cash, $30,000. 6. Paid cash of $83,375 for order no. PO1 above (see transaction #2). 7. Sold 950 products at a price of $190,000, sales invoice no. is Sl1. Remember, inventory costs are estimated at $78. 8. Purchased inventory on account, $131,250 (1,750 units), 2/10, n/30, the purchase order no. is PO2. 9. Received cash of $190,000 for sales invoice no. is Sl1 above (see transaction #6). 10. COMPANY 1 returned 50 damaged units of inventory, PO2 (use a unit cost of $75 [Why $75?]). 11. Sold 1,100 products at a price of $220,000, 1,10,30, sales invoice no. is S12. Don't forget inventory costs. 12. Paid cash for shipping cost of sale, $16,500. 13. Paid cash within the discount period for PO2 above (Remember we returned 50 products in #10.). 14. Purchased inventory on account, $96,875 (1,250 units), the purchase order no. is PO3. 15. Paid for freight in with cash (inventory shipping), $6,250. 16. A customer made a return of 25 products from sales invoice S12. Utilize the sales price and expected inventory cost provided in the instructions above (sales price = $200, expected inventory cost = $78). 17. Paid salaries in cash, $19,250 18. Received cash from a customer within the discount period for sales invoice S12. Don't forget about the returned goods in #16. 19. Sold 1,000 products at a price of $200,000, 1,10,30, sales invoice no. is S13. Don't forget inventory costs. 20. Paid cash for shipping cost of sale, $10,000. 21. Paid cash of $96,875 for PO3 above. 22. Purchased inventory on account, $160,000 (2,000 units), 2/10, n/30, the purchase order no. is PO4. 23. A customer made a return of 15 products from sales invoice S13. Utilize the sales price and expected inventory cost provided in the instructions above. 24. Received cash from a customer within the discount period for sales invoice S13. Don't forget about the returned goods in #23. 25. Sold 975 products at a price of $195,000, sales invoice no. is S14. Don't forget inventory costs. 26. COMPANY 1 returned 40 damaged units of inventory, P04 (You calculate the unit cost.). 27. Received professional services on account (accounting and legal), $5,500. 28. Paid cash within the discount period for PO4 above. Don't forget about the return (#26). 29. Purchased inventory on account, $99,000 (1,200 units), the purchase order no. is PO5. 30. Paid for freight in with cash (inventory shipping), $6,000. 31. Supplies remaining at the end of the month totaled $21,750. 32. Recognize insurance used for the month. 33. Depreciation recognized for buildings and equipment, $15,000. 34. Recorded salaries for the end of the month, though they won't be paid until next month, $19,250. 35. The estimated amount of sales returns and allowances total sales decreases of $12,000 and cost of goods sold decreases of 4,680. Required: Please complete the following. 1) Journalize and post the above transactions. 2) Prepare an Adjusted Trial Balance (adjusting entries are included in the list of transactions above.) PART II Inventory Valuation: Based on the inventory purchases throughout the period, the following table provides the unit cost tiers. Order # Units Cost p/u Total Cost PO1 1,150 $77.50 $89,125 PO2 1,700 $73.50 PO3 1,250 $82.50 $124,950 $103,125 $153,664 $105,000 PO4 1,960 $78.40 PO5 1,200 $87.50 A total of 3,275 units were remaining in inventory at the end of the month. Required: Please complete the following. 1) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the LIFO valuation method. 2) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the FIFO valuation method. 3) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the Weighted- Average valuation method. GROUP PROBLEM: EXAM 2 Super Rich Business Person (SRBP) just opened a new merchandising company, COMPANY 1. Assume that COMPANY 1 has the following transactions in its first month of operations in 20x2. Unless specified, assume all sales and purchases are on account (i.e., receivables and payables). Inventory vendors for COMPANY 1 provide the option of a purchase discount and free shipping on purchases greater than $120,000, but not on purchases below this amount. COMPANY 1 records the actual cost of inventory purchases, but estimates the cost of Goods Sold based on the expected average inventory costs during the year. This year's expected average inventory cost is $78. This estimated amount will be corrected based on the month-end inventory cost determination. The sale price for COMPANY 1's product is $200. Discounts are only offered to customers in the loyalty program, so only those sales transactions with terms include a discount. All sales are FOB Shipping, but shipping costs are paid for customers in the loyalty program. Sales returns are estimated at the end of the month (estimated returns are taken directly out of Sales Revenue [i.e., don't use the Sales Returns & Allowances account]). The company adjusts merchandise inventory and cost of goods sold at the end of each month based on the application of ending inventory cost flow methods. While only one cost flow method is permitted, you will calculate cost flows with the three most common methods: LIFO, FIFO, and Weighted-Average. The Problem has two parts: PART I includes 35 journal entries relevant to a merchandising company. These entries need to be journalized and posted. After all entries are posted to T-accounts, an adjusted trial balance should be prepared. PART II requires the valuation of ending inventory at month's end. With the provided purchasing tiers, you will need to value ending inventory and cost of goods sold with the three primary cost flow methods, LIFO, FIFO, and Weighted- Average. PARTI - Journal Transactions: 1. Issued common stock for $100,000 in buildings and equipment and $75,000 in cash. 2. Purchased inventory on account, $83,375 (1,150 units), the purchase order no. is PO1. 3. Paid for freight in with cash (inventory shipping), $5,750. 4. Paid a cash advance for business insurance for three months, $15,000 5. Purchased supplies for cash, $30,000. 6. Paid cash of $83,375 for order no. PO1 above (see transaction #2). 7. Sold 950 products at a price of $190,000, sales invoice no. is Sl1. Remember, inventory costs are estimated at $78. 8. Purchased inventory on account, $131,250 (1,750 units), 2/10, n/30, the purchase order no. is PO2. 9. Received cash of $190,000 for sales invoice no. is Sl1 above (see transaction #6). 10. COMPANY 1 returned 50 damaged units of inventory, PO2 (use a unit cost of $75 [Why $75?]). 11. Sold 1,100 products at a price of $220,000, 1,10,30, sales invoice no. is S12. Don't forget inventory costs. 12. Paid cash for shipping cost of sale, $16,500. 13. Paid cash within the discount period for PO2 above (Remember we returned 50 products in #10.). 14. Purchased inventory on account, $96,875 (1,250 units), the purchase order no. is PO3. 15. Paid for freight in with cash (inventory shipping), $6,250. 16. A customer made a return of 25 products from sales invoice S12. Utilize the sales price and expected inventory cost provided in the instructions above (sales price = $200, expected inventory cost = $78). 17. Paid salaries in cash, $19,250 18. Received cash from a customer within the discount period for sales invoice S12. Don't forget about the returned goods in #16. 19. Sold 1,000 products at a price of $200,000, 1,10,30, sales invoice no. is S13. Don't forget inventory costs. 20. Paid cash for shipping cost of sale, $10,000. 21. Paid cash of $96,875 for PO3 above. 22. Purchased inventory on account, $160,000 (2,000 units), 2/10, n/30, the purchase order no. is PO4. 23. A customer made a return of 15 products from sales invoice S13. Utilize the sales price and expected inventory cost provided in the instructions above. 24. Received cash from a customer within the discount period for sales invoice S13. Don't forget about the returned goods in #23. 25. Sold 975 products at a price of $195,000, sales invoice no. is S14. Don't forget inventory costs. 26. COMPANY 1 returned 40 damaged units of inventory, P04 (You calculate the unit cost.). 27. Received professional services on account (accounting and legal), $5,500. 28. Paid cash within the discount period for PO4 above. Don't forget about the return (#26). 29. Purchased inventory on account, $99,000 (1,200 units), the purchase order no. is PO5. 30. Paid for freight in with cash (inventory shipping), $6,000. 31. Supplies remaining at the end of the month totaled $21,750. 32. Recognize insurance used for the month. 33. Depreciation recognized for buildings and equipment, $15,000. 34. Recorded salaries for the end of the month, though they won't be paid until next month, $19,250. 35. The estimated amount of sales returns and allowances total sales decreases of $12,000 and cost of goods sold decreases of 4,680. Required: Please complete the following. 1) Journalize and post the above transactions. 2) Prepare an Adjusted Trial Balance (adjusting entries are included in the list of transactions above.) PART II Inventory Valuation: Based on the inventory purchases throughout the period, the following table provides the unit cost tiers. Order # Units Cost p/u Total Cost PO1 1,150 $77.50 $89,125 PO2 1,700 $73.50 PO3 1,250 $82.50 $124,950 $103,125 $153,664 $105,000 PO4 1,960 $78.40 PO5 1,200 $87.50 A total of 3,275 units were remaining in inventory at the end of the month. Required: Please complete the following. 1) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the LIFO valuation method. 2) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the FIFO valuation method. 3) Determine the appropriate balance for Merchandise Inventory and Cost of Goods Sold using the Weighted- Average valuation method