Delta diamonds uses a periodic inventory system. the company had five one-carat diamonds available for sale this year: one was purchased on june 1 for $500, two were purchased on july 9 for $550 each, and two were purchased on september 23 for $600 each. on december 24, it sold one of the diamonds that was purchased on july 9. using the fifo method, its cost of goods sold for the year ended is:

On april 1, santa fe, inc. paid griffith publishing company $2,448 for 36-month subscriptions to several different magazines. santa fe debited the prepayment to a prepaid subscriptions account, and the subscriptions started immediately. what amount should appear in the prepaid subscription account for santa fe, inc. after adjustments on december 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustment has been made?