PART TWO OF THE QUESTION PLEASE CHEGG HELP

(b) If One Lightning Corp. uses a Periodic Inventory System, what entries should be made? date account titles debit credit time of return 3) Inventory Balance and COGS (10 points) Sherman Electric shows the beginning inventory of a particular product, and the purchases during the current year, as follows: Jan. 1 beginning of inventory 45 units @ $105 = $4,725 Mar. 8 purchase 35 units. @ $115 = $4,025 Aug. 11 purchase 90 units @ $125 = $11,250 Oct. 23 purchase 30 Units. @ $135 = $4,050 total available for sale 200 units $24,050 At dec 31 the ending inventory of this product consisted of 55 units. Instruction: (show your calculations and round to 2 decimal places) Determine the cost of the year-End Inventory and the Cost of Goods Sold for following Methods of Inventory Valuation: inventory at dec.31 cost of goods sold average cost first in,first out last in, last out If Sherman Electric wants to achieve a high profit end of the year, which method should they choose? Explain fully your answer. 4) Inventory Balance and COGS (10 points) Canfield Trading shows the beginning inventory of a particular product, and the purchases during the current year Jan. 1 beginning of inventory 35 units @ $6.50 = $227.50 Mar. 8 purchase 40 units. @ $6.40 = $256.00 Aug. 11 purchase 30 units @ $5.90 = $177.00 dec 23 purchase 35 units. @ $5.50 = $192.50 total available for sale 140 units $853.00 During the year Canfield Trading sold in total 95 units of this product. Instruction: (show your calculations and round to 2 decimal places) Determine the cost of the year-End Inventory and the Cost of Goods Sold for this product under each of the following Methods of Inventory Valuation: inventory at dec.321 cost of goods sold average cost first in,first out last in, last out If Canfield Trading wants to achieve a high profit end of the year, which method should they choose? Explain fully your answer. 5) Relation between Inventory System and Income Statement (9 points) The following information is given by the accounting department. Fill in the gaps (blanks) with the correct Dollar Amounts. Each line represents a new independent task. beginning inventory purchases ending inventory net sales COGS gross profit expenses net income a $85,000 $165,000 $480,000 $200,000 $28,000 b $420,000 118,500 $810,000 $222,000 $165,000 c $387,000 $144,000 $431,500 $97,000 $(33,000)