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added heading to make it easier. thanks Question 1 [14 points) The Oppong Corporation company has the following purchases and sales during the year ended

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Question 1 [14 points) The Oppong Corporation company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Sales Beginning 300 units @ $31/unit April 21 200 units January 7 100 units @ $33/unit November 3 200 units September 22: 200 units @ $34/unit The units have a selling price of $45.00 per unit a) Given that Oppong Corporation employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory Cost of goods available for sale: Units available for sale: Units remaining in ending inventory b) 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 Oppong Corporation using the FIFO system. FIFO Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on September 22. (b) The sale on November 3. 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 Page GJS Account/Explanation F Debit Credit Date + - + - + - Choose an Account or Heading Categories: Accounts and Headings: I Accounts Payable Assets Accounts Receivable iabilities Accumulated Depreciation, Automobiles Equity Accumulated Depreciation, Boats Equity Accumulated Depreciation, Building Revenues Accumulated Depreciation, Equipment Expenses Accumulated Depreciation, Furniture Other Accumulated Depreciation, Land Improvements Accumulated Depreciation, Machinery Accumulated Depreciation, Trucks Advertising Expense Advertising Payable NlAutomobiles Boats Bonds Payable Building Cash Commissions Earned Search: Erase Cancel Choose an Account or Heading ategories: Accounts and Headings: 3 Commissions Earned ssets Consulting Revenue Earned abilities Copyright quity Cost Of Goods Sold Equity Delivery Expense Revenues Depreciation Expense, Automobiles Expenses Depreciation Expense, Boats Other Depreciation Expense, Building Depreciation Expense, Equipment Depreciation Expense, Furniture Depreciation Expense, Land Improvements Depreciation Expense, Machinery Depreciation Expense, Trucks Depreciation expense Dividends Equipment Furniture Search: Frase Cancel A Choose an Account or Heading tegories: Accounts and Headings: nincome Summary sets Income Taxes Expense bilities Income Taxes Payable uity Insurance Expense Equity Interest Earned Revenues Interest Expense xpenses Interest Payable Other Interest Receivable Investment in Bonds Land Land Improvements Long-Term Notes Payable Long-term Investment in Shares Machinery Merchandise Inventory Mortgage Payable Notes Receivable Office Salaries Expense Search: Erase Cancel Choose an Account or Heading Categories: Accounts and Headings: All Office Salaries Expense Assets Office Supplies Expense Liabilities Patents Equity Prepaid Advertising Equity Prepaid Insurance Revenues Prepaid Interest Expenses Prepaid Rent Other Property Taxes Expense Property Taxes Payable Rent Earned Rent Expense Rent Payable Rent Receivable Rent expense, office space Rent expense, selling space Retained Earnings Salaries Expense 4 Search: Erase Cancel ner Choose an Account or Heading egories: Accounts and Headings: (Retained Earnings ets Salaries Expense lities Salaries Payable ty Sales uity Sales Discounts venues Sales Returns and Allowances penses Sales Salaries Expense Share Capital Short-Term Notes Payable Store Supplies Expense Supplies Supplies Expense Trademark Trucks Unearned Consulting Revenue Unearned Rent Unearned Revenue Utilities Expense Search

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