how do I do the journal entry for a-d

also the ending inventory, FIFO, LIFO, weighted average cost

total amount of writen down,

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $86,000 and Cost of Goods Sold of $452.000. a. Included in Inventory (and Accounts Payable) are $13,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,600 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,600 of lenses in the warehouse, ready to send to customers on January 2. SLC reported these lenses as sold on December 31, at a price of $18,200. d. Included in SLC's Inventory balance are $3,800 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. ok t at ices Required: For each item, (a)d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Courtney Company uses a periodic inventory system. The following data were available: beginning inventory. 1,800 units at $35; purchases, 4,200 units at $37; operating expenses (excluding income taxes), $97,500; ending Inventory per physical count at December 31, 1,350 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Income Statement Units Inventory Costing Method FIFO LIFO Weighted Average Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income Units FIFO LIFO Weighted Average *Cost of Goods Sold Equation Beginning Inventory Purchases Units FIFO LIFO weignited Average *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold 2-a. Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising? OLIFO O FIFO 2-b. Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising? OLIFO O FIFO Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2 Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) $ 20 NRV per Item $ 17 Write-down per Item Quantity on Hand Total Write- down 55 59 59 65 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 47 80 49 37 37 85 39 35 95 ent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Proy Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 260 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost Total Cost $ 75 $ 7,500 95 34,200 115 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold