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II. Compute the missing values, show your workings in the space provided. (2%*15=30%) 1. On March 1, 2020, Selena started a new business of her
II. Compute the missing values, show your workings in the space provided. (2%*15=30%) 1. On March 1, 2020, Selena started a new business of her own, Selena Painting. After a month's operation, it has the following information for the month of March 2020. Cash Salary Expense 800 Accounts Receivable 1,400 Service Revenue 7,000 Owner contribution during March 40,000 Office Supplies 1.800 Owner withdrawal during March 1,500 20,000 Selena, Capital, March 1, 2020 Utilities Expense 200 Selena, Capital, March 31, 2020 Accounts Payable 1.000 Track 0 June 3 2. Watches Inc. specializes in designer watches and leather goods, It uses the perpetual inventory system. Assume the business began June holding 10 wristwatches that cost $50 each. During June, it bought and sold inventory as follows: Sold 8 units for $100 cach. 16 Purchased 10 units at $56 each 23 Sold 8 units for S100 each Then, the perpetual inventory record for Watches Inc. using FIFO, LIFO, and weighted average inventory method for the month of June 2020 should look like this: FIFO LIFO Weighted-Average Inventory, June 1, 2020 Purchase Cost of Goods Sold Inventory, June 30, 2020 3. Spring Company, a traditional department store that has just started to run an online website in an effort to remain competitive in the retail industry, purchased a delivery truck at a cash price of $25,000 Related expenditures included sales taxes applicable at 10% of the purchase price, painting and lettering of $500, and a 3-year accident insurance policy of $2,000. a. Please compute the cost of the delivery truck
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