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P3.The following information pertains to the reconciliation of cash balance on James' book with cash balance units b ank statement as of 12/31/2019. 1. The
P3.The following information pertains to the reconciliation of cash balance on James' book with cash balance units b ank statement as of 12/31/2019. 1. The company records show cash balance of $13,100, while the bunk statement shows $13,400. 2. Deposits in transit: $700. 3. Outstanding checks: $1,200 4. NSF checks: $300. 5. Bank service fee: $100. 6. Electronic Fund transfer: $200 Instructions: Prepare 1) the bank reconciliation for the company as of 12/31/2019; 2) any necessary adjusting entries for America's bank reconciliation P4. The followings are inventory transactions of James Co. during May 2020. 5/1 Beginning inventory of 300 units at $10/unit 5/5 Bought 700 units at $11/unit 5/10 Sold 400 units for $16/unit 5/15 Bought 600 units at $12/unit 5/25 Sold 800 units for $16/unit Instructions: Compute costs of goods sold and costs of ending inventory for May using the following methods under the periodic inventory system. 1. Average method 2. First In First Out metisod. 3. Last in First Out method
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