28 Enter the identifier for the correct inventory valuation method for each situation described below. In all cases, assume a period of rising prices. FIFO First in, first out LIFO Last in, first out SI Specific identification WA Weighted average Answers a. The method that can only be used if each inventory item can be matched with a specific purchase and its invoice. b. The method that will cause the company to have the lowest income taxes. c. The method that will cause the company to have the lowest cost of goods sold. d. The method that will assign a value to inventory that approximates its current cost. e. The method that will tend to smooth out erratic changes in costs. NOTE: ONLY ONE ANSWER FO2 EACH QUESTOW 29 At the end of the day on March 15, the cash register's record shows $1,957, but the count of cash in the register is $1,965. Prepare the general journal entry to record the day's cash sales, Date Description Debit Credit 30 A company that uses the gross method of accounting for purchases and a perpetual inventory system purchased $8,500 of merchandise on March 25 with credit terms of 2/10, 1/30. The invoice was paid in full on April 4. Prepare the journal entries to record the transactions on March 25 and April 4. Date Description Debit Credit 31 Whitehorn Ski Company uses the gross method of accounting for purchases and a perpetual inventory system and had the following transactions during February: February 6: Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credit. Paid the amount due, less the returned items, February 8: February 15: Prepare journal entries to record each of the preceding transactions, Date Description Debit Credit