Orlando Store has the following balances:

• On January 1, the company had an inventory of 35,000 unit of merchandise at a cost of $ 11 per unit.
• On February 1, the company purchased 25,000 units of merchandises at $ 12.5 each from Brandon Corporation, FOB Shipping Point, term 3 /15, n/30.
• On February 2, Orlando paid the freight cost for $ 750.
• On February 8, received credits of $ 12,500 for the return of 1,000 merchandises purchased on February 1 were defective
• On February 15, Paid Brandon Corporation in full, less discount
• On February 20, Sold 12,500 units of merchandises for $ 15 each to Brendon Shop, term 2/10,n/30
• On March 5, Sold 11,500 units of merchandises for $ 16 each to Bill Ltd, term 2/10/ n/30.
• On March 7, issued a credit memo to Bill Ltd for the return of 1,500 defective merchandises.
• On April 4 received payment in full from Bill Ltd.
• On April 15, purchased 15,000 units of merchandises for $ 13 each from Brad Suppliers, term 3/15, n/30
• On April 30, paid Brad Suppliers in full, less discount
• On May 18, Sold 27,000 units of merchandises for $ 18 each to Ben Sports, term n/eom.
• On May 31, received payment in full from Ben Sport
• On June 1, Sold 10,000 unit of merchandises for $ 18 to Benjamin Clothes, term 2/10, n/30
• On June 15, purchased 12,000 units of merchandises for $ 14 each from Brad Suppliers.

• Journalize these transactions for Orlando Store. Orlando Store uses perpetual inventory system for its inventory.
• Compute ending inventory using three cost flow methods (FIFO, LIFO, and Weighted Average Cost), and then determine which one is the best cost method for Orlando Store's inventory, explain why?
• Orlando Store took a physical inventory on June 30, and determined that goods costing $ 280,000 were on hand. This is not included in the physical count of goods purchased from Brad Supplies on June 15, FOB Shipping point, and $ 120,000 of merchandises sold to Benjamin Clothes, FOB destination. Both Brad purchased and Benjamin sales were in transit at year-end. What the amount should Orlando report as its June 30 inventory?
• The trial balance of Orlando Store at June 31 shows additional information; interest revenue of $ 25,000, Utilities expenses of $ 35,000, and Salary and Wages Expenses $ 55,350. Prepare the entries to record the closing entries for these accounts to Income Summary.