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Question 3: Inventory and Cost of Good Sold [25 minutes; 23 points) The following table is from Amelie Ltd.'s perpetual inventory record for item A by the end of November 2010 # 300 Price per unit Cost $90 $100 Date January 1 February 5 March 23 September 15 November 26 December 1 Transaction Beg inventory Purchase Sale Purchase Sale Sale $150 400 300 300 350 200 $110 $160 $180 The company's fiscal year ends on December 31, 2010. Required (Show all your calculations to receive full grade): 1. Assume Amelie uses FIFO inventory costing method. Prepare the journal entries to record the purchase transaction on February 5 and the sale transaction on November 26, assuming both are cash transactions. [6 points] 2. What is the ending inventory, Gross Profit for the fiscal year 2010? (10 points) 3. Assume for this part that the demand for item A slowed down during December 2010, and its net realizable value dropped to $95 per unit on December 31, 2010. Amelie Ltd. reports its ending inventory at the Lower of cost and Net Realizable Value (LCMV). Prepare the journal entry that should be recorded on December 31, 2010. If no journal entry is required, please explain why. [3 points) 4. Assume that the Company's accountant ignored the LCMV rule. How would this error affect the Company's accounting equation? Be specific in your answers, no calculations are required. [4 points]