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Question 1 8 Marks Required: Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. 4. Cheques issued but not presented total $3 268. 5. A $312 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25. Question 2 6 Marks Required: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 540 2 I 8 Jan 3 March 13 April 10 June Purchased Purchased Sold at selling price Sold at selling price 10 @ $40 5 @ $42 11 @ $65 5 @ $70 400 210 715 350