You should submit one file with the responses to Problems 1-3 (Word or Excel at your discretion) and a second file for Problem 4 using the template provided. Problem 1 (15 points) Fairleigh Company sells home weather stations. Its beginning inventory was 50 units at $200 per unit. During the year, Fairleigh made two purchases of the station: first, a 150-unit purchase at $220 per unit, and then 100 units at $250 per unit. The ending inventory for the year was 125 units. Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Fairleigh uses the following inventory cost flow assumptions: (1) FIFO, (2) LIFO, and (3) Weighted Average. Problem 2 (15 points) Kentucky Supply Co., which had no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts, earned $80,000 of revenue on account during 2014. During 2014, the company collected $64,000 of cash from its Accounts Receivable. Kentucky estimates that it will be unable to collect 2% of revenue on account. The amount of net realizable value of receivables on the December 31, 2014, balance sheet would be: Problem 3 (20 points) Sanders Rental Company (SRC) paid cash to purchase an automobile on January 1, 20X4. The car dealer gave SRC a $1,000 cash discount off the $19,000 list price. SRC then paid an additional $2,000 to equip the car with a more luxurious interior so it would have greater appeal to its clientele. SRC expected the car to have a four-year useful life and a $4,000 salvage value. SRC expected to lease the car for 100,000 miles before disposing of it. Finally, SRC leased the car to a customer who drove it 30,000 / 10,000 / 40,000 / 25,000 miles during 20X4, 20X5, 20X6, and 20X7, respectively. Following the model in Exercise 3, A. Prepare a depreciation schedule for the car using the straight-line method B. Prepare a depreciation schedule for the machine using the units-of-activity method