Questions 1 through 6) Using inventory t-accounts and telling the story chronologically (because you're perpetually updating inventory and perpetually updating COGS), calculate ending inventory and calculate cost of goods sold under the (a) FIFO perpetual inventory system, (b) LIFO perpetual inventory system, and (c) weighted average perpetual inventory system. You should have six answers. A college bookstore purchased 400 copies of a textbook at $70 each in June purchased 1,000 copies in August at $72 each sold 1200 copies in September (and charged students $90 per textbook) purchased 600 copies in October at $75 each. sold 700 copies of the textbook in December (and charged students $90 per textbook) Specific ID Questions 7 and 8) Rainbow Yacht Dealership chose to calculate their cost of goods sold and ending inventory using a specific ID inventory system. Calculate Rainbow Yacht's cost of goods sold and ending inventory. On March 31, Rainbow has two yachts on hand at a cost of $14,000,000 each o la pink yacht and a blue yacht). In April, the company purchased four more yachts for $15,000,000 each (yellow, green, orange, and red yachts). In May, the company purchased five more yachts, costing $15,500,000 each (white, gold, black, purple, and chartreuse yachts). In June, Rainbow Yacht sold two yachts, each with a 15% markup from their costo (blue yacht and yellow yacht). Question 9) What is the journal entry for the June sale? Remember when you sell inventory, your journal entry shows four things occurring record two debits and two credits PETER Question 10) Designing Women, LLP, have a company policy of analyzing their inventory valuations at the end of each quarter. If LCM (lower of cost or market) is applied to each separate product line, what adjusting journal entry must be made to this company's inventory? Remember that, due to the cost principle, inventory is currently being held at its cost. Product Line Rustic Cost per Unit Market Value per Unit $700 $725 $600 $605 $950 $820 Inventory Quantity 190 units 3 00 units 275 units Mediterranean Contemporary