Question 3 - purchase entrues only

Question 1. May 1" beginning inventory for ABC Corporation was 112 units (@58 per unit. May 6h bought 95 units @ s 10 per unit. May 14th bought 70 units @S 11 per unit. May 20 bought 55 units @ 12 per unit. May30th ending inventory was 121 units. Instructions: Calculate ending inventory using LIFO. FIFO and average method. Also show proof of cost of goods sold. Question 2: You are required to prepare a multi-step income statement for Personal Computer Corp, as of March 3 1s 2017. Bank interest earned $8. COGS S 38, Sales $128 rent expense (ADM) S 12, salaries expense (S) $15 telephone expense (ADM) 9 bank charges S 5, advertising expense (S) $11, utilities expense (ADM)S7. bank interest earned $5. Sales discount S 4, and sale returns and allowance S7 Question 3.NEW CORP. MERCHANDISING CONCERN (BUSINESS) February 2017 This company deals with buying and selling of merchandise or goods such as clothing. food, telephones, computers, shoes etc. Terms of sale 3/10; n/30; terms of purchase 2/10 n/30. Feb 2 Sold S 5,000 of merchandise for cash, COGS $2700 Feb 4 Sold to Sally Sharp on account S11,000 of merchandise COGS $ 7.000 Feb 5 Sally Sharp returned $ 1800 of damaged goods COGS $800 Feb 11 received payment from Sally Sharp in full. Feb 14 Bought with cash S 5000 worth of merchandise. Feb 16 bought merchandise from Paul Brown for $22,800 on account. eb 18 returned $2900 of damaged goods to Paul Brown. b 20 Paid Paul Brown in full. tructions: You are required to journalize the above transactions using the perp entory system. The selling entries is mandatory and the purchasing entries re EXTRA CREDIT