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4) A company reports the following transactions for its fishing rods for the month of April. They use a perpetual inventory system Units Unit Cost $325 $350 Date April 1 April 6 April 9 April 14 April 20 April 28 Explanation Inventory Purchase Sale Purchase Sale Purchase $355 $360 a) Identify the Cost of Goods Sold and Ending Inventory under FIFO (6 marks) b) Identify the Cost of Goods Sold and Ending Inventory under average costing (6 marks) c) Under average costing the ending inventory counted 35 rods. Do the journal ent to correct the ending inventory. (4 marks) 1) The adjusted trial Balance for Hamilton Inc for the month of November is shown below: Hamilton Inc Adjusted Trial Balance Nov 30 Credit 85,000 Debit Cash $12,100 AR 15,700 Supplies 45,200 Notes Receivable 1,500 Land 25,000 Building 60,000 Ace Dep (Building) Delivery Equipment 48,000 Acc Dep (Equipment) AP Unearned Sales Rev Taxes Payable Mortgage Payable Common Shares Retained Earnings Sales Revenue Interest Revenue Sales Returns 4,200 Sales Discount 3,750 Ad Expense 26,400 COGS 497,500 Dep Expense 10,125 Freight Expense 16,700 Income Tax Expense 5,500 Insurance Expense 3,420 Interest Expense 3,700 Salaries Expense 6,500 Supplies Expense 136,625 Utilities Expense 14,000 $1,020,920 24,000 48,500 3,000 5,500 51,000 30,000 90,000 750,300 1,620 $1,020,920 a) Prepare a single-step statement of earnings (4 marks) b) Prepare a multi-step statement of earnings (10 marks)

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