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i need answer please Instructions: Be sure to give supporting recommendation and answers where necessary. Answer as completely as it possible You have to do

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Instructions: Be sure to give supporting recommendation and answers where necessary. Answer as completely as it possible You have to do IV exercise which is a MUST - compulsory for everyone; You have to choose two (2) exercises out of first three (I, II and III) so one of it you can omit. Calculations are also required and marked. Good luck Exercise 1 (FOR SELECTION) The inventory of XYZ Company on November 30, 2014 shows 2500 units at 12,5 per unit. Revenue from sales for December totals 64,000 (= 3,200 units at 20 per unit). The following purchases were made during December 2014: Dec. 10: 1,100 units at 25 per unit Dec. 18 1,000 units at 6 per unit, Dec 23 900 units at 12,5 per unit Requirement: 1. Calculate the cost of goods sold and the inventory cost as of December 31, 2014, using the LIFO method. 2. Compute the gross profit for December 2014. Exercise II (FOR SELECTION) CD Corp., acquired some special equipment for 534000 on August 1, 2014. The useful life of the equipment was estimated to be 6 years and its residual value was assumed to be zero. The company uses the linear method and calculates the annual depreciation charges according to the number of months actually used. The depreciation is recorded indirectly. On November 30, 2015, the equipment was sold for C 485000 cash. Requirement: Post all necessary entries for 2015 (including any adjusting entries) related to the sale of the equipment to the corresponding ledger accounts. There are no closing entries required. Exercise III (FOR SELECTION) The gross sales from whole 2015 period were C 33000 and the sales returns were 6%. Additionally the company is offering 6% of cash discount of sales to their customers (the cash sales was C 24750). At the beginning of the period December 31, 2014 the merchandise inventory level was C 10 100 and during the year 2015 the company purchased 16500 of merchandise with 6% cash discount (the cash purchases was 6600). Due to the low quality of the merchandise the company agreed with the suppliers on 900 purchase allowance. The freight -in cost for the 2015 period were 1920. The ending inventory as of December 31, 2015 level was 2 600. Please calculate cost of goods sold and gross profit under the periodic system inventory for 2015

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