D). Problem (6 points) 1. Assume that on July 24, Adele Company had a sale on credit totaling $22,038 with cost of goods sold of $15,208. Record this transaction in journal form assuming the perpetual inventory system was in use (Hint: Record Sale AND transferring the cost of merchandise to COGS) (2 points, 0.25/blank) Journal SS SS Date July 24 2. Highland, Inc. entered into the transactions listed below. In the journal provided, prepare Highland's entries, assuming use of the perpetual inventory system. Omit explanations (2 points, 0.25/blank). Mar. 2 Purchased $450 of merchandise on credit, terms n/30. 6 Returned $75 of the items purchased on March 2 Journal SS. Date Mar. 2 6. 3. John's Parts Shop recorded the following purchases and sales during the past year: Jan. 3 Beginning inventory 35 units @ $13 $455 Feb. 20 Purchase 20 units @ $16 320 June 7 Purchase 15 units @ $18 270 Oct. 3 Purchase 12 units @ $20 240 Dec. 10 Purchase 20 units @ $22 440 Goods available for sale 102 $ 1,725 Total sales 75 units Dec. 31 Ending inventory 27 units Assume that the company sold all of the January 3 beginning inventory, all of the Feb 20 purchase, 10 units each from the October 5 purchase, and the December 10 purchase. Determine the costs that should be assigned to ending inventory and cost of goods sold according to the periodic inventory method under each of the assumptions that follow. (2 points, 0.25/each) 1) What's the amount of cost of goods sold assigned under the specific identification method? A. $1,195 B. $1,072 C. $991 D. $974 2) What's the amount of ending inventory assigned under the specific identification method? A. $751 B. $734 C. $653 D. $530 3) What's the amount of cost of goods sold assigned under the average-cost method? A. $1,668.38 B. $1,468.38 C. $1,268.38 D. $1,068.38 4) What's the amount of ending inventory assigned under average-cost method? A. $656.62 B. $456.62 C. $256.62 D. $56.62 5) What's the amount of cost of goods sold assigned under the FIFO method? A. $1,659 B. $1,145 C. $1,065 D. $945 6) What's the amount of ending inventory assigned under the FIFO method? A. $780 B. $660 C. $580 D. $66 7) What's the amount of cost of goods sold assigned under the LIFO method? A. $1,374 B. $1,263 C. $1,139 D. $1,017 8) What's the amount of ending inventory assigned under the LIFO method? A. $708 B. $586 C. $462 D. $351