(Learning Objectives 1, 2: Accounting for inventory transactions under FIFO costing)

Accounting records for Rockford Corporation yield the following data for the year ended December 31, 20X6:

❙ Requirements 1. Journalize Rockford’s inventory transactions for the year under the perpetual system.

2. Report ending inventory, sales, cost of goods sold, and gross profi t on the appropriate fi nancial statement.