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Boyce Inc is a retailer of automobile tyres. All of the tyres purchased by the firm from overseas suppliers is identical. The opening inventory of the tyres and purchases during the month of November 2018 were as follows: Required a) Calculate the total cost of goods available for sale for November 2018. [2 Marks] b) Explain which inventory costing method, specific identification or moving weighted average, would be most appropriate for the firm inventory of tyres. [1 Mark] c) If periodic inventory records are kept, compute the cost of goods sold and inventory at April 30 using last-in, first-out cost flow method. [3 Marks] d) Prepare the journal entries to record the November 15 cash sale of 100,000 tyres. [1 Mark] e) Assuming that Boyce Inc uses a perpetual inventory system, determine the related cost of goods sold in part d using the first-in, first-out (FIFO) method of inventory costing. [4 Marks] PART B [9 Marks] On May 1, 2015, ACE acquired land and a building from TWG for its new head office at a cost of $320,000. The land and the building had appraised values of $100,000 and $300,000, respectively. Additional costs associated with the acquisition included legal fees of $2,000 and property taxes of $3,000. On December 31,2015, ACE also paid $1,500 to repair the building's furnace. The building has an expected useful life of 10 years, and ACE uses straight-line depreciation for its capital assets. Required a) Prepare the journal entries to record: i. The acquisition of the land and the building on May 1,2015 [3 Marks] ii. All journal entries related to the land and the building on December 31,2015. Note: ACE records land and buildings in separate accounts. [2 Marks] On July 1, 2017, ACE was offered $400,000 for its land and building and decided to sell them and move to a less expensive area. Required Prepare all journal entries required in 2017 relating to the disposal of the land and building. [4 Marks]