Compute the cost of goods sold (COGS) for the two weeks of January assuming use of the periodic system. (Use your answer to part 3. as the ending Inventory.)(10 points) 11- Financial assets The Cash account in the ledger of Hensley, Inc. showed a balance of $3,100 at June 30. The bank statement, however, showed a balance of $3,900 at the same date. The only reconciling items consisted of a $700 deposit in transit, a bank service charge of $7, and a large number of outstanding checks. 1. Refer to the above data. What is the "adjusted cash balance at June 30? (10 pts) 2. Refer to the above data. What is the total amount of the outstanding checks at June 30? (10pts) 3. What is an uncollectible account? Explain how a business suffers losses from uncollectible accounts. (10 pts) 4. What is meant by outstanding checks? (10pts) 5. Explain what the credit term 2/10, 1/30 means. (10pts)