The Magic Teddy Bear Toy Company entered into the following transactions during January 2017:
January 3: Purchased 7,000 teddy bears at $20 each.
3: Sold 2,000 teddy bears at $50 each for cash.
9: Sold 4,000 teddy bears at $50 each on account.
10: Settled the purchase made on January 3.
15: Purchased 10,000 teddy bears: 3,000 bears were purchased for cash at $24.50 each, and the remaining bears were purchased on account for a gross price of $25.00 each.
19: Purchased 7,000 teddy bears at $26 each.
23: Paid for one-half of the teddy bears purchased on account on January 15.
27: Purchased 4,000 teddy bears at $28 each for cash.
28: Settled the remaining open account from the purchase made on January 15.
28: Settled the open account from the purchase made on January 19.
29: Sold 6,000 teddy bears at $60 each for cash.
30: Sold 5,000 teddy bears at $60 each on account.
31: Purchased 2,000 teddy bears at $30 each for cash.
31: Received a freight bill in the amount of $30,000, covering all purchases made during January 2014.
The Magic Teddy Bear Toy Company has 5,000 teddy bears on hand at $19 each as of January 1, 2017.

REQUIRED:
Prepare all necessary entries, including adjusting journal entries, during January 2017, if the company uses the following:
a. LIFO cost flow assumption
b. FIFO cost flow assumption