Units 1. Following is an inventory acquisition schedule for ABC CO. for 2020: Unit Cost Beg. Inventory 500 $ 13 Purchases Feb. 4 300 15 Apr. 12 400 16 Sept. 10 200 15 Dec. 5 100 18 During the year, ABC sold 1150 units at $22 each. Compute the cost of goods sold (COGS) and ending Inventory under each of the following three methods (assume a periodic inventory system): (a) simple weighted average, (b) FIFO, () LIFO, and make the necessary adjusting journal entries. 2. Prepare Journal entries to record the following transactions of the XYZ Company. July 1 Purchased goods from the Alfa Company for $3,000, 3/15, 1/30. 2 Sold goods to Beta Co, for $900, 2/10, 1/60 8 Sold $3,500 of goods for cash. 9 Purchased goods from the Delta Co, for $4,200, 5/7,n/15. 11 Received $600 cash from the return of goods purchased on July 9. 12 Received the balance due from the Beta Co for the credit sale dated July 2. net of the discount. 15 Paid the balance due to the Alfa Company within the discount period. 20 Sold goods to Gamma Co. for $1.650, 1/10.1/60. 21 Granted a $150 to Gamma Co. for an allowance on goods sold on July 19. 24 Paid the Delta Co, the balance 30 Received the balance due from the Gamma Co. for the credit sale dated July 19, net of the discount 31 Close all retums, allowances and discounts. A SO 3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Quantity Unit Cost When Replacement Cost Item on Hand Acquired (market at vear end 100 530 520 B 25 28 35 55 58 75 35 Window a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis owu Make necessary adjusting journal entry(ies) b. Sald 15 units of item A ut $25 each and written off 5 units of Item D. Make necessary journal entries. D 40 Improvements were made to the leased building on 01 May 2019 at a cost of 5 500,000. The estimated life of the improvement is 20 years. Lease contract terminates on 31.12.2035. Make necessary entries of 01.05.2019, 31.12.2019 and 31.12.2020. 5. Make necessary entries for the following a) $500 receivables of XYZ Co. is proved to be doubtful which $200 of it is granted portion. b) XYZ Co. collected $350. c) XYZ Ca collected S50 more and the rest is proved to be uncollectable. 6. The company pledged its $10,000 notes receivables to a bank and received a loan of $8.000. The note is paid on the maturity. (lynore interest expense) 7. The company discounted its notes receivables for $5.000 and collected $4,300. This note is not paid on maturity. (Protest fee $2) 8. The company gave its $20,000 note receivable to a bank for collection. The note is not paid on maturity. Bank protested the note on behalf of the company and credited nottery public fee from company's account for $4. 9. Omega Company purchased an office building in cash at a cost of $800,000 on January 1, 2015. Omega estimated that the building's life would be 20 years and the scrap value at the end of 20 years would be $15.000. On January 1, 2016, the company made several expenditures walls painted, tooes refinished for $20,000, and installed additional pollution-control devices in the building for $45.000. With the new device, the life of the building extended by an additional 6 years. In 2019. the company sold the factory building for $500.000 in cash. Make necessary journal entries for each case tassume the company uses double declining balance method) 10. The following transactions were made by Sigma Company. Assume all investments are short term and are readily marketable June 2. Purchased 300 shares of Kappa Corporation common stock for $30 per share July 1 Purchased 200 Lambda Corporation bonds for $210,000 cual interest rate 10%) 30 Received a cash dividend of S2 per share from Kappa Corporation Sept. 15 Sold 90 shares of Kappa Corporation stock for 535 per stare. Winde Dec 31 Received semiannual interest check from Lambda Corporation 31 Received a cash dividend of $2 per share from Kappa Corporation ainda Journalize the transactions