PROBLEM 1-PROBLEMS-32% CTIONS: Solve the following problems and record the answers in the Answers column. An Scoring The amount credited to sales for the sale of merchandise costing $500, with 40% added to the cost price to determine selling pro, is $700 0. 1. Summarized data on sales and merchandise available for sale are as follows: April 1 April 1-30 Purchases (net) . Apnil 1-30 Sales (net) Merchandise inventory $390,000 585,000 1,100,00 If the estimated rate of gross profit is 40%, the estimated cost of the merchandise inventory on April 30 is 2. The following lots of a particular commodity were available for sale during the year Beginning inventory... First purchase Second purchase Third purchase 10 unilts at s80 40 unlis at 859 35units at $62 15 units at $63 Based on the periodic system, the total cost of the 25 units in invantory at the end of the year, according to the first-in, first-out method, is 2. 3. Based on the data in Question 2, the total cost of the 25 units in inventory 4. Based on the data in Question 2, the total cost of the 25 units in inventory 5. A purchase order for $7,000 of merchandise was mailed to a supplier by the last-in, first-out method is by the average cost method is on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009, if 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, i..... Beginning inventory, purchases, and sales of a commodity are presented below 6. 15 units at $46 10 units at $65 30 units at $65 40 units at $65 30 units at $48 50 units at $49 Inventory: July 1 Sales: July 6 12 Purchases: July9 18 Assuming that the perpetual inventory system is used, the cost of the inventory balance on July 31 by the FIFO method is Based on the data in Question 6, the cost of the inventory balance on July 31 by the LIFO method is . Summarized data on sales and merchandise available for sale ane as follows: 7. 8. Retail $180,000 240,000 250,000 Cost $100,000 152,000 June 1 June 1-30 June 1-30 Purchases (net) Sales (net) The estimated cost of the merchandise inventory on June 30 by the retail method is 8