Consider the following transactions to answer the following questions. 1. Calculate the Cost of Goods Sold using FIFO method. 2. Calculate the value of ending inventory using the FIFO method. 3. Calculate the Cost of Goods Sold using LIFO method. 4. Calculate the value of ending inventory using the LIFO method. 5. Calculate the Cost of Goods Sold using Average Cost method. 6. Calculate the value of ending inventory using the Average Cost method. Consider the following transactions to answer the following question. 8. Using the Lower Cost or Market method, compute total value of the ending inventory. 9. Using the credit sales method, what is the adjustment if the company estimates that 2% of its 100,000 sales are estimated to be bad debts? 10. Apple sold 10 iphones to Best Buy for $1,000, terms 2/10, net 30. The cost of merchandise was $400. What are the appropriate entries? 11. A month later Best Buy paid apple for the 10 iphones. What is the appropriate entry? 12. Hypothetically, if Best Buy had paid for the 10 iphones within 8 days from the original purchase, what would have been the appropriate journal entry? 13. On November 1, Company A paid rent for the next year at $120,000. What is the entry? What is the adjusting entry at December 31? 14. On July 1, Company A borrowed 100,000 at 12% annual interest. The first interest payment isn't due until January 1^st. The principal balance is due in 4 years. What is the entry? What is the adjusting entry at December 31? 15. Beginning Supplies $10,000 Purchases $15,000 End of Year $2,000 Please state the correct entry for the purchase (on account) during the year. Please state the correct entry for the adjusting entry at the end of the year for the Supplies used