PROBLEMS During the current year, merchandise is sold for $137,500 cash and $425,600 on account. The cost of the merchandise sold is $322,325. What is the amount of the Gross Profit? Determine the DUE DATE and amount of interest due at maturity on the following notes: OriginationFace Term Interest MaturityInterest Date Amount Date Amount of Note Rate (a) May 1 $600 60days 9% (b) June 15 $2,000 120 days 8% (c) April 10 $5,500 60days 6% d) July 5 $9,000 90 days 10% The units of Manganese Plus available for sale during the year were as follows: Mar I Inventory June 16 Purchase Nov 28 Purchase 16 units $30 30 units S35 45 units$39 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO, and (c) Average Cost Methods. Using the following information,prepare a Bank Reconciliation for Young Co. for August 31, 2015: (a) The bank statement balance is $4,010 (b) The cash account balance is $4,207. (e) Outstanding checks amounted to $517. (d) Deposits in transit are $633 (e) The bank service charge is $45. (0 A check for $84 for supplies was recorded as $48 in the ledger. Young Co Bank Reconciliation August 31, 2015