Question #4 (2) Lost Lagoon Limited has the following inventory data: July 1 Beginning inventory 50 units at $120 5 Purchases 300 units at $112 14 Sale 200 units 21 Purchases 150 units at $115 30 Sale 140 units Required: Assuming that a periodic inventory system is used, calculate the cost of goods sold on a FIFO basis. Question #5 (2) BC Co. has accounts receivable totaling $850,000 and an Allowance for doubtful Accounts balance of $60,000. The company will have to write off an uncollectable receivable in the amount of $5,000. Required: What will be the effect on bad debt expense of writing off this accounts receivable? Explain. Question #6 (2) The following information was available for Canada Company at December 31, 2022: beginning inventory $80,000; ending inventory $120,000, cost of goods sold $630,000; and sales $900,000 Required: Calculate Canada Company's days in inventory for 2022. Question #7 (3) River Rock Limited acquires land for $240,000 cash. Additional costs are as follows. Removal of small building on land $2,000 Filling the demolished building basement with dirt 6,000 Salvage value from selling lumber of building 1,280 Lawyer fees for title transfer 4,520 Paving of parking lot 40,000 Real estate broker fees 3,000 Sign placed on land indicating grand opening 3,400 Architectural plans for new professional centre 8,000 Required: Determine the value (list each item) that River Rock should record as the cost of the land