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  3. ii. compute the missing values, show your workings

II. Compute the missing values, show your workings in the space provided. (2%*15=30%) 1. On...

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II. Compute the missing values, show your workings in the space provided. (2%*15=30%) 1. On March 1, 2020, Selena started a new business of her own, Selena Painting. After a month's operation, it has the following information for the month of March 2020. Cash $ Salary Expense 800 Accounts Receivable 1,400 Service Revenue 7,000 Owner contribution during March 40,000 Office Supplies 1,800 Owner withdrawal during March 1,500 Truck 20,000 Selena, Capital, March 1, 2020 0 Utilities Expense 200 Selena, Capital, March 31, 2020 Accounts Payable 1,000 2. Watches Inc. specializes in designer watches and leather goods. It uses the perpetual inventory system. Assume the business began June holding 10 wristwatches that cost $50 each. During June, it bought and sold inventory as follows: June 3 Sold 8 units for $100 each. 16 Purchased 10 units at $56 each. 23 Sold 8 units for $100 each. Then, the perpetual inventory record for Watches Inc. using FIFO, LIFO, and weighted average inventory method for the month of June 2020 should look like this: FIFO LIFO Weighted Average Inventory, June 1, 2020 Purchase Cost of Goods Sold Inventory, June 30, 2020

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