3 [14 points] The Northstar Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 300 units @ $62/unit January 20: 200 units @ $65/unit Sales May 19: 200 units October 8: 200 units August 23: 200 units @ $69/unit The units have a selling price of $95.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Northstar Corp. using the FIFO system Cost of Goods Sold Ending Inventory Gross Profit FIFO for cash): (a) The purchase on January 20 (b) The sale on October 8. Enter the trans b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on January 20, (b) The sale on October 8. Enter the transaction letter a the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). Date General Journal Account/Explanation Page GJ8 F Debit Credit + + +