Please look at the attach file.Give me all questions answers. in Word format.

ACC 100 Assignment Week 7 FALL 2016 Solve the following given question. (Note! Use excel sheet to solve your problem) Q#1 Perpetual: Inventory costing methods P1 Laker Company reported the following January purchases and sales data for its only product. Required The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Q# 2. Exercise 6-7 Perpetual: Inventory costing methodsFIFO and LIFO Hemming Co. reported the following current-year purchases and sales for its only product. Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to cents.) Q # 3. Exercise 6-17B Estimating ending inventorygross profit method P4 On January 1, JKR Shop had $225,000 of inventory at cost. In the first quarter of the year, it purchased $795,000 of merchandise, returned $11,550, and paid freight charges of $18,800 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 30%, and the store had $1,000,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter. Q # 4. Problem 6-5A Lower of cost or market P2 A physical inventory of Liverpool Company taken at December 31 reveals the following. Required 1.Calculate the lower of cost or market for the inventory applied separately to each item. 2.If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Q # 5. Problem 6-8BA Periodic: Income comparisons and cost flows Shepard Company sold 4,000 units of its product at $100 per unit in year 2015 and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory and made successive purchases of its product as follows. Required 1.Prepare comparative income statements similar to Exhibit 6.8 for the three inventory costing methods of FIFO, LIFO, and weighted average. (Round all amounts to cents.) Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 40%. 2.How would the financial results from using the three alternative inventory costing methods change if the company had been experiencing decreasing prices in its purchases of inventory? 3.What advantages and disadvantages are offered by using (a) LIFO and (b) FIFO? Assume the continuing trend of increasing costs