Questin 1:

Question 2: for all of the calculation, including FIFO,vs. LIFO, please detail your calculation procedure

JOURNALIZE THE SELLER'S JOURNAL ENTRIES Hint: three journal entries are needed. 1. January 1, 2016, ABC company sold merchandise on account, $12,100 with terms 2/10, n/30. The cost of the merchandise sold was $7,000 on January 7, 2016, ABC company received payment full payment less the discount. Credit Date Account Name Debit 2. Star-Rising Inc.'s accounting book indicated the inventory on December 31, 2016 is S78,890. However, the physical inventory performed on the last day of the year showed S72,150. What journal entry will you do for the inventory shrinkage? Please write the journal entry below. Credit Date Account Name Debit