Q5. Use the following information about Acme Co's inventory and purchases during October, to answer 05a &b. October 1 6 11 16 Beginning Balance Purchase Purchase Purchase Units 35 70 45 50 Unit Cost $ 3 4 5 6 In addition, be advised that Acme uses the periodic inventory system and sold 149 units during October 5a. Calculate Ending Inventory and the cost of Goods Sold using the FIFO method. [1 mark] Answer Ending Inventory is: $ Answer Cost of Goods Sold is: $ Sb. Calculate Goods Available for Sale and Cost of Goods Sold using the Average Cost (AC) method. (1 mark] Answer Goods Available for Sale is: $ Answer Cost of Goods Sold is: $ 06. Use the following information to answer 06&b. Cisco Inc uses the perpetual inventory system and had the following transactions during December Sold merchandise on credit for $5,000, terms 7/10, 1/30 to GR Inc. The merchandise cost Dec. 5 GR Inc, returned $500 of the items purchased on Dec. 1 Dec. 8 Cisco gives GR Inc. an allowance of $100 for faulty merchandise purchased Dec. 1 GR pays in full for the merchandise purchased on Dec. 1 Dec. 1 $3,000 Dec. 9 6a. Journalire the transactions [2 marks] Dr. Cr. Date Dec. 1 6b. Complete a partial income statement for Cisco [1 mark] Partial Income Statement 5 a 07. Use the following information to reconcille Clark Co's. Book Balance of cash, with the balance shown on the Bank Statement as of July 31, 2015. 16 marks] On July 31, the company's Cash account has a $27.297 debit balance, but its July bank statement shows a $27,158 cash Balance There were 3 checks outstanding for $1,482 $382; and $2,281, respectively Clark found that a check correctly written for $1.270 of supplies, had been incorrectly recorded in Clark's accounting records as $1,720. d The Bank collected an $8,000 Note for Clark. Clark had not recorded this. The Bank returned Clark, an SBOS NSF Check and Bank Service charges for the month were $70. A review of the bank statement revealed that a check written by Clarke Inc, for $545 had errone- ously been drawn against Clark's account. E Clark placed $11,514 in the Bank's night deposit box. This did not appear on the Bank Statement b f Use the following table to illustrate your reconciliation. [6 marks] Cash Balance as per Clark's Books Cash Balance as per Bank Statement $ $ $ $ Reconciled Balance Reconciled Balance Use this area for notes and calculations. THIS IS THE LAST PAGE