ople PART A GO BISON Systems is evaluating their inventory to determine whether it must be adjusted based on lower of cost or market rules. GO BISON Systems has three different types of software in its inventory and the following information is available for each. ades Per Unit lnventory Ite Units Cost Market Office productivity Desktop publnhing Accounting 3 $76 74 2 103 100 90% Required 1. Compute the lower of cost or market for ending inventory assuming GO BISON Systems applies the lower of cost or market rule to inventory as a whole. Must Go BISON Systems adjust the reported inventory value? Explain 2. Assume that GO BISON Systems had instead applied the lower of cost or market rule to each product in inventory Under this assumption, must they adjust the reported inventory value? Explain PART B Selected accounts and balances for the three months ended March 31, 2016. for GO BISON Systems follow Jwwary I begining mor Cost of goods sold March 31 ending nvemory 14052 104 Required 1. Compute inventory turmover and days sales in inventory for the three months ended March 31. 2016 2 Assess the company's performance if competitors average 15 times for inventory turnover and 25 days for days in inven PART C GO BISON Systems receives the March bank statement for on April 11, 2016. The March 31 bank statement shows an ending cash balance of $67.566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. 1. Bernie notices that the bank erroneously cleared a $500 check against her account in March that she did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named GO BISON Systems. 2. On March 25, the bank issued a $50 debit memorandum for the safety deposit box that GO BISON Systems agreed to rent from the bank beginning March 25. 3. On March 26, the bank isued a $102 debit memorandum for printed checks that GO BISON Systems ordered from the bank. 4. On March 31, the bank issued a credit memorandum for $33 interest earned on GO BISON Systems's checking account for the month of March 5. Bernie notices that the check she issued for $128 on March 31, 2016, has not yet cleared the bank 6. Bernie verifies that all deposits made in March do appear on the March bank statement. 7. The general ledger Cash account. No. 101, shows an ending cash balance per books of $68,057 as of March 31 (prior to any reconciliation). Required 1. Prepare a bank reconciliation for GO BISON Systems for the month ended March 31, 2016 2. Prepare any necessary acusting entries. Use Miscellaneous Expenses, No. 677, for any bank charges. Use Interest Revenue. No. 404, for any interest earned on the checking account for the month of March