2 Fit for Life (FFU) operates a fitness center and snack lounge. The following is a partial list of FFL. transactions during its year ended December 31. FFL adjusts its records only ot year end, 25 January 6 Purchased and received 60 nutritional bars for $114, 1/45. January 8 FFL cold 78 nutritional bars to Big Jin for $304 cash, which includes 528 of sales tax. April 30 FFL received $55,400 from Comerce lank after signing a 24 month.) percent, promissory note. August 31 FFL signed a 6-onth contract to sub lease a portion of its building, FL also received a $15,200 check for six months' rent. December 30 FFL paid employees' net pay through December 31, using direct deposits totaling $3,400, for 250 total hours at a 18 hourly wage. The company had withheld FICA of $200, United May contributions of $60, and income tax of $360. December 31 mL adjusted the accounts at year-end, relating to amployer payroll taxes, including FICA and 5% of unemployment taxes, (b) interest, and (c) rent, Required: 1. Calculate the cost of goods sold on January 8, assuming FFL began the year with an inventory of 60 nutritional bars at a unit cost of $1.50 ($90 total cost), had no other inventory transactions prior to January 6 and 8, and reports its inventory costs using FIFO. 2. For each of the above dates, prepare the required journal entries fusing a perpetual inventory system and the adjusting journal entries Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost of goods sold on January 8, assuming FFL began the year with an inventory of 60 nutritional bars at sunt cost of 51 50 (90 total cost), had no other inventory transactions prior to January 6 and 1, and reports its invertory costs using FIFO. (Do not round intermediate calculations buntot goods sold 113 2. Required 1 Required 2 For each of the above dates, prepare the required journal entries (using a perpetual inventory system) and the adjusting journal entries. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account held.) No Dato General Journal Debit Credit January 06 Inventory 114 Accounts Payable 1 114 2 January 08 304 Cash Sales Revenue Sales Tax Payable 276 lo 28 4 April 30 55.400 Cash Notes Payable (long-term) 55,400 5 August 31 13,200 Cash Deforrod Rovenue 13.200 6 December 30 3,800 Salaries and Wages Exponse FICA Payable 280 60 360 3.100 olo Income Tax Expense Cash 7 December 31 Payroll Tax Expense FICA Payable Unemployment Tax Payable 2 January 08 304 Cash Sales Revenue Sales Tax Payable 276 28 4 April 30 55,400 Cash Notes Payable (long-term) 55,400 5 August 31 Cash 13,200 Deferred Revenue 13,200 6 December 30 3,800 Salaries and Wages Expense FICA Payable 280 60 360 Income Tax Expensex Cash 3,100 X 7 December 31 Payroll Tax Expense FICA Payable Unemployment Tax Payable 8 December 31 Interest Expense Interest Payable 9 December 31 Deferred Revenue Rent Revenue