In its January 1, 1990, inventory, X Company had 50 units of merchandise which had cost \(\$ 4\) per unit. Prepare general journal entries for \(\mathrm{X}\) Company to record the following transactions during 1990, assuming a perpetual inventory system and a last-in, first-out cost flow.

Mar. 17 Purchased on credit 90 units of merchandise at \(\$ 4.25\) per unit.

June 25 Sold 60 units of merchandise for cash at \(\$ 8.50\) per unit.

Aug. 19 Purchased for cash 80 units of merchandise at \(\$ 4.50\) per unit.

Nov. 15 Sold 85 units of merchandise for cash at a price of \(\$ 8.50\) per unit.

Dec. 31 Prepare entries to close the revenue and expense accounts to Income Summary.