Q1.The ledger accounts given below, with an identification number for each, are used by Seton Company. Selso uses a perpetual inventory system. Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit columns provided and the dollar amounts pertaining to each account in the adjoining columns. Item 0 is given as an example. 1. Cash 7. Accounts Payable 2. Accounts Receivable 8. Sales Returns and Allowances 3. Notes Receivable 9. Sales Discounts 4. Merchandise Inventory 10. Sales 5. Office Supplies 11. Cost of Goods Sold 6. Land 12. Freight-out Account(s) Account(s) Debit Credit Entry Information Debited Credited Amount(s) Amount(s) 0. Oct. 1 Sold merchandise for cash $500. 1 10 $500 $500 The cost of the merchandise sold was $300. 11 4 300 300 1. Oct. 2 Purchased merchandise from ABC Co. on account for $4,000; terms 2/10, n/30. 2. Oct. 4 Returned $500 of merchandise Purchased from ABC Co. on Oct. 2. 3. Oct. 6 Sold merchandise to F. Banker on account for $800, terms 2/10, n/30. F. Banker will pay $50 freight costs per the shipping terms. The merchandise sold cost $480. 4. Oct. 8 Accepted a sales return of defective merchandise from F. Banker credit granted was $275. The returned merchandise cost $165. 5. Oct. 11 Purchased merchandise from Patting Hardware on account for $1,600; terms 1/10, n/30. 6. Oct. 12 Paid freight of $250 on the shipment from ABC Co. per the shipping terms of purchase on Oct 2. 7. Oct. 15 Received payment in full from F. Bannker. 8. Oct. 19 Paid ABC Co. in full. 9. Oct. 20 Paid Patting Hardware in full. 10. Oct. 27 Purchased office supplies for $550 Q2. Futon Company, which uses a periodic inventory system, had a beginning inventory on April 1 of 400 units of Product A at a cost of $14 per unit. During April, the following purchases and sales were made. Purchases Sales April 6 375 units at $15 April 4 270 units 14 250 units at $16 8 360 units 21 300 units at $18 17 400 units 28 425 units at $22 24 235 units 1,350 1,265 Instructions Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. (a) Average - Ending Inventory = $_________; Cost of Goods Sold = $_________. (b) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________. (c) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.