PS.2A (LO2) Gece Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with analysis Oct. 3 2.500 @ $8 Oct. 19 3,000 @10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ 511 During October 10,900 units were sold. Glee uses a periodic inventory system. Instructions a. Determine the cost of goods available for sale. b. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods (2) Cost of goods sold: FIFO $ 94,500 LIFO $108,700 Average $101,370 c. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? PIN freement of the control and subsidiary accounts 77.4 (LO 2, 3) Selected come from the chart of accounts of Meng Enterprises are showed 101 Cash 401 Sales Revue T12 Accounts Receivable 412 Sales Returns and Allowances 120 every 414 Sales Discounts 136 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Export 201 Accounts Payable Scanned with CamScanner Problems Jan. 3 4 13 The cost of all merchandise sold was 60s of the sales price. During January, Meng completed the following transactions (amounts in thesands) Purchased merchandise on account from Gum Ca 19.000 Purchased supplies for cash V. Sold merchandise on account to Wel V5.250. invoice no. 371. terms 10/30 Returned V300 worth of damaged goods purchased on count from Gum Coon January 3 Made cash sales for the week totaling 13,150 8 Purchased merchandise on account from Pang Co. 14.500 Sold merchandise account to Long Corp. 15.400, invoice no. 372, terms 1/10, 130 Purchased merchandise on account from Che Co. 3,700 Paid in full Gum Co, on accountless a 2% discount Made cash sales for the week totaling 16.260 Received payment from Long Coup for invoice no. 372 Paid semi-monthly salaries of 114.300 10 employees Received payment from Wes for invoice no. 371. Sold merchandise on account to Dyon Co.V1.200, imvoice no. 373. terms 1/10, 1/30 Purchased equipment on account from Zi Corp. 15.500 Cash sales for the week totaled 13.200. Paid in fall Pang Co. on accountless a 25% discount Purchased merchandise on account from Gum Co. 17.800 Purchased merchandise on account from Yap Corp. 15.100 Made cash sales for the week totaling V4.230 Received payment from Dyon Co. for invoice no 373 Paid semi-monthly salaries of V13.200 to employees Sold merchandise on account Wel 19.30, 374 let, w30 Meng uses the following journals. 1. Sales journal 2. Single-column purchases journal 3. Cish receipts journal with columns for Cash Dr. Sales Discounts De, Accounts Receivable Sales Revenue Cr, Other Accounts and Cost of Goods Sold Drventory 4. Cash payments journal with columns for Other Accounts De, Accounts Payable Develoy and Cash CE 5. General journal Instructions Using the selected accounts provided Record the January transactions in the appropriate journal noted 1 Foot and cross-foot all special journals . Show how postings would be made by placing ledger account numbers and checknas tended in the journals. (Actual posting to ledger account is not required 15 15 17 17 19 20 20 23 24 27 30 31 31 Sales jumat 21.10 Purchases journal 0,150 Cash receipts journal balancing total 754 Cash payments journal balancing to