Problem 1 During July 2014. Leesburg, Inc., sold 250 units of its product Empire for $4000. The following units are available: Units Cost Beginning Inventory 100 $2 Purchase 1 40 4 Purchase 2 60 6 Purchase 3 150 9 Purchase 4 90 12 and ending inventory in units. Then determine the costs that should be assigned to cost of goods A sale of 250 units was made after purchase 3. Determine the cost of goods available for sale Costs are assigned under the perpetual inventory system using (a) the average-cost methods, (b) sold and ending inventory under each of the following assumptions. the FIFO method, and (c) the LIFO methods. Problem 2 A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the no. 2707 following transactions took place: The fund was established in the amount of $100.00 on June 1 from the proceeds of check b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: Postage, $40.00; supplies $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund. c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: postage, $34.20; the supplies $34.84, and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no 2847 was drawn to replenish the fund. Problem 3 Prepare a bank reconciliation from the following information: a Balance per bank statement as of May 31, $17,755.44 b. Balance per books as of May 31, $12,211.94 c. Deposits in transit, $2,254.81 d. Outstanding Checks, $7,819.16 e. Bank service charge, $20.85