Problems. There are four problems. Each one is worth the score indicated next to the problem number. Show all work for partial credit. You may attach extra pages if you so desire. Please be NEAT when writing your answers. I cannot grade illegible answers. (30 points possible) 1. (6 points) Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. Dec. 1 Ceres sold merchandise to ABC, Inc. on credit for $10,250, terms 1/10, n/30. The items sold had a cost of $5,750. Dec. 6 Ceres purchased merchandise from Jones, Inc. on credit for $8,000, terms 2/10, n/30. Dec. 7 ABC, Inc. returned $2,000 of goods purchased on Dec. 1 (original cost of the goods to ABC is $600). Dec. 11 ABC, Inc. pays amount owed from purchase on Dec. 1 (within discount period). Dec. 12 Ceres receives an wance of $500 for goods purchased on Dec. 6. Dec. 14 Ceres pays for goods purchased on Dec. 6 (within discount period). Required: Prepare the general journal entries to record these transactions (from Ceres' point of view). Accounts Debit Credit Dec. 1 Dec. 6 Dec. 7 Dec. 11 Dec. 12 Dec. 14 2 (6 points) For each of the 3 separate scenarios (A, B, and C) fill in the missing items: A $50,000 B $72,000 $ ? 20,000 42,000 31,000 ? 26,000 73,000 Sales Cost of Goods Sold: Beginning Inventory +Inventory Purchases = Cost of Goods Available for Sale -Ending Inventory =Cost of Goods Sold Gross Profit -Expenses Net Income ? ? 30,000 ? 17,000 ? ? (18,000) 46,000 ? 17,500 8,500 99,000 (?) 67,000 33,000 ? 16,000 3._412 points) All-Pages Book Company reports the following inventory transactions during the current month. All-Pages uses the perpetual method for inventory. Date Dec. 1st Unit Cost $10 11 12 Event Beg. Inventory Purchase Purchase Sale Purchase Purchase Sale gth Number of Units 800 600 300 850 300 400 900 Total Cost $8,000 6,600 3,600 13th 15th 24th 13 15 3,900 6,000 28th Dec.30th Required: Calculate Cost of Goods Sold and Ending Inventory using the Weighted Average, FIFO, and LIFO inventory costing methods. Fill in the following table with DOLLAR AMOUNTS $$: Weighted Ave. Cost FIFO LIFO Ending Inventory Cost of Goods Sold Show work below: 4. (6 points) Bank Reconciliation Foreman Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for May.2019, indicated the following: Bank balance, May 31, 2019 Service charge for May Interest earned during May NSF check from Valerie Corp. (deposited by Foreman) Note ($3,000) and interest ($296) collected for Foreman from a customer of Foreman's $16,117 37 30 100 3,296 Book balance per Foreman's books (unadjusted) Outstanding checks as of May 31 Deposit in transit at May 31 Error in recording check #4456 issued by Foreman (book error). Foreman needs to subtract this amount from their books. $11,555 4,315 2,852 90 The correct amount of check #4456 is $760. It was recorded as a cash disbursement of $670 by mistake. The check was issued to pay for merchandise purchases. The check appeared on the bank statement correctly. A. Prepare a bank reconciliation schedule at May 31, 2019, in proper form