Concord Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 490 units at $22 Sept. 4 320 units at $26 250 units at $24 Dec. 2 100 units at $28 1,140 units were sold. Concord Company uses a periodic inventory system. Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? (1) FIFO results in the highest inventory amount, $ (2) LIFO produces the highest cost of goods sold, $ Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215. 15 16 31 Replenished the petty cash fund by writing a check for $211.20. On this date, the fund consisted of $3.80 in cash and these petty cash receipts: freight-out $94.00, entertainment expense $45.90, postage expense $41.40, and miscellaneous expense $28.00. Increased the amount of the petty cash fund to $320 by writing a check for $105.00. Replenished the petty cash fund by writing a check for $304.30. On this date, the fund consisted of $15.70 in cash and these petty cash receipts: postage expense $142.00, entertainment expense $93.80, and freight-out $67.30. Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit