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Requirements 1. Journalize the transactions, Explanations are not required. 2. Post the journal entries to the T-accounts, and calculate account balances. 3. Prepare a trial balance as of December 31, 2016. 4. Prepare the income statement of Farah Consulting for the month ended December 31, 2016. 5. Prepare a classified balance sheet as of December 31, 2016. 6. Is Farah's ability to pay its short term debts strong or weak? Support your answer by calculating the suitable ratio(s). (You should search the internet to answer this question) (46 marks) Question 3 (28 marks) The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 each May 11 Purchase 6 units @ $ 76 each May 23 16 units @ $ 89 each Purchase 14 units @ $ 86 each May 29 Sale 17 units @ $ 89 each Requirements 1. Calculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO. (20 marks) 2. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why? (4 marks) 3. Which method would be more consistent with the matching principle? Why? (4 marks)