1. Prepare journal entries to record the transactions 1-14.

2. Prepare the income statement

3. Calculate the inventory turnover ratio and days to sell assuming that inventory was $500 on January 1. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place)

college coasters is a San Antonio-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. $10,005 Cash 2,000 Accounts Receivable 500 Inventory Prepaid Rent 810 Equipment 110 Accumulated Depreciation 1,500 Accounts Payable 300 Salaries and Wages Payable Income Taxes Payable 6,500 Common Stock 3,030 Retained Earnings 15,985 Sales Revenue 8,900 Cost of Goods Sold 1,100 Rent Expense Salaries and Wages Expense 2,000 110 Depreciation Expense Income Tax Expense 1.400 Office Expenses The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1, consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. 1. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52. with terms of 2/10, n/30 2. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of 2/10, n/30. 3, Sold 2.000 coasters on account on 12/3 at a unit price of $0.90 A. Collected $1,000 from customers on account on 12/4. 5. Paid the supplier $1,600 cash on account on 12/18 6, Paid employees $500 on 12/23, of which $300 related to work done in November and S200 was for wages up to December 22 7. Loaded 100 coasters on a cargo ship on 12131 to be delivered to a customer in Hawaii. The sale was made FOB destination with terms of 2/10, n/30 Other relevant information includes the following at 12/31