3 [14 points] The Velor Inc. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 200 units @ $34/unit January 25: 200 units @$37/unit Sales July 8: 100 units December 26: 200 units October 27: 200 units @$39/unit The units have a selling price of $45.00 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 eamed by Velor Inc. using the FIFO system FIFO Cost of Goods Sold Ending Inventory Gross Profit b) Prepare joumal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 27, (b) The sale on December 26. Enter the transaction letter as 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) General Journal Date Account Explanation Page GUB Debit Credit