1. Please solve the below problem for mba 560 financial and managerial accounting.

Jan 1	Beginning inventory . . . .	5	units @	$150	=	$750
15	Purchase . . . . . . . . . . . .	7	units @	150	=	$1,050
26	Purchase . . . . . . . . . . . .	12	units @	160	=	$1,920

Ontarios Inc inventory records for a particular development program show the following at January 31:

At January 31, nine of these programs are on hand.

Requirements

1.	Journalize the total January purchases in one summary entry. All purchases were on credit.
	2. Journalize the total January sales and cost of goods sold in two summary entries. The selling price was $625 per unit, and all sales were on credit. Assume that Ontario, Inc., uses the FIFO inventory method.
.	3. Under FIFO, how much gross profit would Ontario, Inc., earn on these transactions? What is the FIFO cost of Ontario, Inc.'s ending inventory?

Requirement 1. Journalize for Ontario total January purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required. Check your spelling carefully and do not abbreviate.)

Journal Entry
Date		Accounts	Debit	Credit

Requirement 2. Journalize for Ontario total January sales and cost of goods sold in two summary entries. The selling price was $625 per unit and all sales were on credit. Assume that Ontario uses the FIFO inventory method. (Record debits first, then credits. Explanations are not required. Check your spelling carefully and do not abbreviate.)

Let's start by recording the entry for January sales. (Do not yet record the cost related to the sale. We will do this in the next journal entry.)

	..

Journal Entry
Date		Accounts	Debit	Credit

Now record the entry for the cost of inventory sold assuming FIFO.

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Journal Entry
Date		Accounts	Debit	Credit

Requirement 3. Under FIFO, how much gross profit would Ontario earn on these transactions? What is the FIFO cost of Ontario ending inventory?

How much gross profit would Ontario earn on these transactions?

$

What is the FIFO cost of ending inventory?

$

2.

Inventory, Dec 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$510
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,170
Sales of inventory70% on account, 30% for cash . . . . . . . . . . . . . . . . . . .	3,500
Inventory at the lower of FIFO cost or market, Dec 31, 2012 . . . . . . . . . . . .	680

Accounting records for Parkland Pastries, Inc., yield the following data for the year ended December 31, 2012 (amounts in thousands):

Requirements

1.	Journalize Parkland Pastries' inventory transactions for the year under the periodic system. Show all amounts in thousands.
2.	Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands). Show the computation of cost of goods sold.

Requirement 1. Journalize Parkland Pastries' inventory transactions for the year under the periodic system. Show all amounts in thousands. (Record debits first, then credits. Explanations are not required. Check your spelling carefully and do not abbreviate.)

Begin by journalizing the inventory purchase.

	Save Accounting Table...		+
	Copy to Clipboard...		+

Journal Entry
Accounts		Debit	Credit

Journalize the sales transaction.

	Save Accounting Table...		+
	Copy to Clipboard...		+
Journal Entry
	Save Accounting Table...		+
	Copy to Clipboard...		+

Accounts		Debit	Credit

Journalize the end-of-period entries.

Begin by closing out beginning inventory.

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	Copy to Clipboard...		+

Journal Entry
	Save Accounting Table...		+
	Copy to Clipboard...		+

Accounts		Debit	Credit

Next adjust ending inventory.

	Save Accounting Table...		+
	Copy to Clipboard...		+

Journal Entry
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Accounts		Debit	Credit

Now close out purchases for the period.

	...

Journal Entry

Accounts		Debit	Credit

Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands). Show the computation of cost of goods sold.

Begin by calculating cost of goods sold.

Report the appropriate accounts and amounts on the balance sheet. Begin by labeling the account type (Current assets, Long-term assets, Current liabilities, etc.), then enter the appropriate account(s). (Check your spelling carefully and do not abbreviate.)

	...

Balance Sheet (Partial):

Report the appropriate accounts and amounts on the income statement. Begin by labeling the appropriate accounts, then label the subtotal for these accounts. (Check your spelling carefully and do not abbreviate. Leave any unused cells blank.)

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Income Statement (Partial):