Fully answer the following questions and show all calculations where necessary.

a b. Fully answer the following questions and show all calculations where necessary. Liverpool Industries (Liverpool) manufactures backyard swimming pools in two divisions; the Vancouver Division and the Toronto Divisiom Liverpool's management team rewards the vice presidents of their divisions with a 5% bonus based on the net income for the division.e State which inventory costing method should be used when calculating net income to ensure the vice president of the division is effectively managing Inventory. (1 mark)l 1 1 1 1 Explain why you chose this method. (2 marks)l 1 1 1 1 1 1 1 1 1 Juicy-Bits Orange Co. (Juicy-Bits) produces orange juice products using a job cost system. The peel of the orange is considered to be scrap that is related to all of Juicy-Bits' jobs. 1 1 Juicy-Bits has a sales contract with a local soap company that picks up the scrap peel at the end of every day. The soap company uses the oil from the peel to make soap. 1 1 At the end of day on June 20, Juicy-Bits' production manager recorded Work in process costs to two jobs (Job 214 and Job 215). Juice-Bits warehouse manager loaded the daily amount of scrap orange peels onto the soap company's delivery trailer and wrote up an invoice for $475 Juicy-Bits' accountant considers the sales amount to be significantl Required: Prepare the journal entry to record the sale of scrap on June 20. (3 marks)l