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Wing It, Inc. is a wholesaler of sporting goods. The activity for NCAA-sanctioned footballs during July is shown below: 4. Balance/Transaction Inventory Purchase Sales Purchase

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Wing It, Inc. is a wholesaler of sporting goods. The activity for NCAA-sanctioned footballs during July is shown below: 4. Balance/Transaction Inventory Purchase Sales Purchase Sales Purchase Units 1,000 1,500 1.800 2,400 1,900 800 Cost $36.00 37.20 Date July 1 38.00 16 25 38.60 28 Given this information, compute the cost of ending inventory using the following inventory costing methods: 1. FIFO perpetual 2. LIFO perpetual 3. Average Cost perpetual Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40.250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpet May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% July 8 Borrowed S80 000 cash from NBR Bank by signing a 120-day, 9% interest-bearing note with a Problem 9-1A Short-term notes payable transactions and entries P1 ual inventory system annual interest along with paying $5.250 in cash. face value of $80,000. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Borrowed S42000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42.000 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Nov. 28 Dec. 31 2017 Paid the amount due on the note to Fargo Bank at the maturity date. Required 1. Determine the maturity date for each of the three notes described. Check (a) Locust $975 2. Determine the interest due at maturity for each of the three notes. (Assume a 360-day year 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. 4. Determine the interest expense to be recorded in 2017 (3) $308 (4) $252 s. Prepare journal entries for all the preceding transactions and events for years 2016 and 2017 Problem 9-24

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