Question 1 (5 points) Judah Inc. uses the periodic inventory method and had the following inventory information available: 1/1 Beginning Inventory 80 @ $4 1/20 Purchased 500@ $7 1/26 Purchased 100 @ $8 1/30 Purchased 300 @ $10 A physical count of inventory on December 31 revealed that there were 332 units on hand. What value would be assigned to inventory using FIFO? Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. Your Answer: Answer Correct Question 4 (3 points) If COGS is 10,007, Expenses are 5,927 and Gross Profit is 8,000, how much were sales? Your Answer: Answer Question 5 (6 points) The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $150,000. Use the following to answer this question. Account Title, DR 5,234/Account Title, CR 1,234 Instructions (a) If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8 % of accounts receivable, journalize the adjusting entry for end of the period. (b) If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 8 % of accounts receivable, journalize the adjusting entry for end of the period