Q5. Use the following information about Acme Co's inventory and purchases during October, to answer Q5a & b. October 1 Units Unit Costs 353 6 Beginning Balance Purchase Purchase Purchase 11 16 70 45 50 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: S Answer Cost of Goods Sold is: $ 5b. 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: $ Q6. Use the following information to answer Q6a & b. Cisco Inc uses the perpetual inventory system and had the following transactions during December Dec. 1 Sold merchandise on credit for $5,000, terms 3/10, 1/30 to GR Inc. The merchandise cost $3.000 Dec. 5 GR Inc. returned S500 of the items purchased on Dec. 1 Dec. 8 Cisco gives GR Inc. an allowance of S100 for faulty merchandise purchased Dec. 1 Dec. 9 GR pays in full for the merchandise purchased on Dec. 1 6a. Journalize the transactions [2 marks] Dr. Cr Date Dec. 6b. Complete a partial income statement for Cisco [1 mark] Partial Income Statement Q7. Use the following information to reconcile Clark Co's. Book Balance of cash, with the Balance shown on the Bank Statement as of July 31, 2015. [6 marks] a On July 31, the company's Cash account has a $27,497 debit balance, but its July bank statement shows a $27,158 cash Balance. b 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. a The Bank collected an $8,000 Note for Clark. Clark had not recorded this. The Bank returned Clark, an $805 NSF Check and Bank Service charges for the month were $70. f A review of the bank statement revealed that a check written by Clarke Inc, for $545 had erroneously been drawn against Clark's account. & Clark placed $11,514 in the Bank's night deposit box. This did not appear on the Bank Statement Use the following table to Illustrate your reconciliation. [6 marks] Cash Balance as Cash Balance as per Clark's Books Statement per Bank Reconciled Balances Reconciled Balances Use this area for notes and calculations