Question: 1. Assume that ABC uses the periodic inventory method. The following transactions are reported for the period ending March 2025. Jan 1, 2025 the beginning

1. Assume that ABC uses the periodic inventory method. The following

1. Assume that ABC uses the periodic inventory method. The following transactions are reported for the period ending March 2025. Jan 1, 2025 the beginning inventory was 10,000 units at $3.00 per unit. Jan 15 , it purchased 15,000 units at $3.50 per unit on account. Jan 25 , it sold 20,000 units at $10 each. Ca a Jan 30, it returned 2,000 units of goods purchased on Jan 15. February 2, it purchased 20,000 units at a cost of $4.00 per unit paying 50% cash and 50% on account. On March 20 , it sold 10,000 units $10 each. CA $/ Required: a. Record in the general journal the transactions of the period. Note: the General Journal has columns that show : date, account names, reference, debit and credit. b. Based on the information in Problem 1 of ABC Company above, Compute the total cost of goods sold. c. Based on the information in Problem 1 of ABC Company, what is the Cost of Goods in ending inventory under FIFO Method? Show computation. d. What is the Gross Profit of ABC Company for the period, January through March 2025

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