Drake Consulting performs systems consulting and has the following post-closing balances at December 31, 2016. (Click the icon to view the post-closing balances.) The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. Requirement 1. Prepare Enter the transactions in the quantity and total cos Date Quantity Jan. 7 18 22 31 Totals E Homework: Homework 4 Question list O Question 1 Question 2 Question 3 K Date Quantity Jan. 7 18 22 More info 28 Software Inventory, S0; Prepaid Rent, $0; Sales Revenue, $0; Cost of Goods Sold, $O 31 Totals Reference Bal. Bal Bal Purchases Units Cost Bal. Bal. Cash 25,610 Help me solve this Demodocs example Get more help Accounts Receivable 1,400 Office Supplies 200 Equipment 3,000 Print Accumulated Depr-Equipment 50 Bal Total Cost Furniture 4,200 Accumulated Depr-Furniture Question 1, CP6-38 Continuing Problem (similar Bal Done Jrake Consulting performs systems consulting and has the following post-closing balances at December 31, 2016. (Click the icon to view the post-closing balances.) Accounts Payable The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. Cost of Goods Sold Units Quantity Cost Unearned Revenue Total Cost 4,300 Bal Salaries Payable Print 2,100 Bal Common Stock Retained Earnings 400 Bal 25,000 Bal Dividends 2,490 Bal Done During January, Drake Consulting completed the following transactions and opened the following accounts. (Click the icon to view the transactions.) (Click the icon to view the new accounts and opening balances.) CITS Read the requirements. Bal. Unit Quantity Cost Bal Bal Bal Bal bu must calculate the cost goods sold on the 18th, 28th, and 31st.) e transactions have been entered into the perpetual record, calculate ventory layers first.) HW Score: 0%, 0 of 3 points Service Revenue Rent Expense Total Cost Utilities Expense 0 Bal. Supplies Expense ol Depreciation Expense-Equipment Salaries Expense of o Requirement 1. Prepare perpetual inventory records for January for Drake using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 18th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Inventory on Hand Depreciation Expense Furniture. the following transactions and opened the D ts and opening balances.) Save goods sold on the 18th, 28th, and 31st.) ntered into the perpetual record, calculate Clear all Check answer During January, Drake Consulting completed the following transactions and opened the following accounts. (Click the icon to view the transactions.) (Click the icon to view the new accounts and opening balances.) Read the requirements.