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A company has inventory of 12 units at a cost of $28 each on June 1, On June 3. it purchased 38 units at $30 each 17 units are sold on June 5. Using the FIFO inventory method, what is the cost of the 17 units that were sold? O $486. O $504 O $514 $490 O $476On March 31. Phoenix, inc. paid Melanie Publishing Company $20,520 for a 3-year subscription for five different magazines, The subscriptions started immediately. What is the amount of revenue that should be recorded by Melanie Publishing Company for each year of the subscription assuming Melanie uses a calendar reporting period? $6,840, $6,840; $5.160. $5,130, $6.840, $6,840; $1.710. $20.520, 50, $0. 50. The answer cannot be determined based on the information given. so: 50, SO: $20.520 WindowsA company had inventory on November 1 of 5 units at a cost of $15 each. On November 2. they purchased 14 units at $17 each. On November 6 they purchased 10 units at $20 each. On November 8, 12 units were sold for $50 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? O $279 O $282 O $270 $319 O $294On January 1 a company purchased a five-year insurance policy for $2.050 with coverage staking immediately. If the purchase was recorded in the expense account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: O Debit Insurance Expense, $410; credit Prepayments, $410 Debit Prepayments, $2,050; credit Cash, $2,050. Debit Prepayments, $410; credit Insurance Expense, $410 Debit Prepayments, $1,640; credit Insurance Expense, $1,640. Debit Insurance Expense, $1,640; credit Prepayments, $1,640.On March 31, Phoenix, Inc. paid Melanie Publishing Company $17.640 for a 3 year subscription for five different magazines. The subscriptions started Immediately. What is the adjusting entry that should be recorded by Melanie Publishing Company on December 31 of the first year if the credit to record the collection was made to Revenue account? O Debit Revenue Received in Advance, $17,640; credit Subscription Revenue, $17,640. O Debit Subscription Revenue, $13.230; credit Revenue Received in Advance, $13.230. O Debit Subscription Revenue, $4,410; credit Revenue Received in Advance, $4,410. O Debit Revenue Received in Advance, $5,880; credit Subscription Revenue, $5,880 O Debit Revenue Received in Advance, $1,470; credit Subscription Revenue, $1,470.Aug. 1 Fahmy Amin, the owner, invested $27,500 cash and $22,500 of photography equipment in the company. 2 The company purchased land and building for $230,000, paying $100,000 cash and signing a note for the balance. The land worth $150,000 Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 2 3 Fahmy Amin, the owner, invested $27,500 cash and $22,500 of photography equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01