uestionl The following data pertain to Home Office Company for the year ended December 31, 2018: Sales (100% were cash sales) during the year Cost of goods sold during the year Beginning inventory Purchases (100% were cash purchases) during the year $1,100,600 690,300 319,800 738,200 Required.: a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2018 using the perpetual inventory system Calculate the balance in the inventory account (S) on December 31,2018. b. Question 2 Using the following data, calculate the cost of goods sold (S) for the 04/15 sale using the weighted-average method for a perpetual inventory system. (Do not round any of your calculations.) 3/5 4/15 5/30 10/25 Beginning inventory Purchases Sale Purchases Purchases Sale Ending inventory 50 units at $10 per unit 30 units at $14 per unit 20 units at $30 per unit 25 units at $15 per unit 20 units at $16 per unit 60 units at $32 per unit 45 units 12/31 Question 3 Inventory data for Freezer Burn Corporation for the year ended December 31, 2018 follows: Beginning inventory March 31 purchase 1st quarter sales June 30 purchase 2nd quarter sales September 30 purchase 50 units at $150 each 50 units at $155 each 60 units 55 units at $160 each 70 units 60 units at $170 each Required a. Calculate the perpetual ending inventory balance on December 31, 2018 in dollars (S) and units using FIFO Calculate the Cost of Goods Sold for the year ending December 31, 2018 in dollars (S) using FIFO. b. Sales budget Jan Feb March Quarter Sales (units) Unit sales price Sales (dollars) 11,000 60 $840,000 $720,000 S660,000 14,000 12,000 37,000 60 $2,220,000 60 60 letions bud Jan March Quarter Cash sales From previous month's sales From 2nd previous month's sales Total 5336,000 216,000 180,000216,000 S 732,000 Production Jan Feb. March Quarter Sales in units Add: Desired ending inventory 14,000 12,000 11,000 37,000 20%-12,000 20% 11,000 20% 10,000 2,400 2200 Total needs Less: Beginning inventory Required production (units) 16,400 2,800 13,600 14,200 2,400 11,800 2,000 13,000 2,200 10,800 2,000 39,000 2,800 36,200 b. Raw materials pu Jan Feb. March Quarter Required production- units Raw materials required per unit 13,60011,800 10,800 36,200 5 68,000 59,000 54,000 181,000 Total needs Less: Beginning inventory Raw materials to be purchased Price per kilogram Cost of raw materials to be purchased 17,000 c. Raw materials disbursement budget Jan Feb. March Quarter Accounts payable (December 31) 30,000 $30,000 lotal Cash disbursements d. Direct labour Jan Feb. March Quarter e. Cash budget Opening Balance Add Cash receipts Cash available before disbursements Cash disbursements: Jan Feb March Quarter 80,000 Raw materials Direct labour MOH Selling & Admin Other items 228,900 159,100 209,775199,150 637,825 139,100 129,100 427,300 Cash inflow (outflow )before financing/repaymemt: Interest Borowing required (repayment) Ending balance