All requirements needed

Comprehensive Problem for Chapters F:5 and F:6 The Davis Lamp Company (DI.C) is a wholesale company that purchases hampo from the manufacture and resells them to retail stoecs. The compury has three inventory items: desk Lamps, rable lamps, and floor lamps. DL.C uses a perpetual insentory system FIFO method. DCL. owns land with a builling, which is separated into two parts: office space and warchouse space. All erpenses associated with the office are categotined as Administrative Expenses. All expenses associated with the warchouse, which is used foe the shipping and receiving functions of the company, afe categoriced as Selling Expenses. In addition to the land and builting. DI. C also cowns office furniture and cquipment and warehouse fixtures. The company uses cope accumalated deprociation account for all the depreciable assets. The trial balance for D1.C as of September 30,2024 follows: 396 Financial chapter 6 Merchundie Inventory as of September 30 consists of the following lanips: \begin{tabular}{lccr} \hline Item & Quantity & Unit Cost & Total Cost \\ \hline Desk Lamp & 2,500 & 5.8 & $20,000 \\ Table Lamp & 3,000 & 18 & $4,000 \\ Floor Lamp & 2,000 & 26 & $5126,00052,000 \\ Total & & & \\ \hline \end{tabular} During the fourth quarter of 2024, DLC completed the following tranuactions: Oct. 1 Purchased lamps on account from Blue Ridge Lights, terms n/30, FOB destination: 5,000 desk lamps at $9 each 7,500 table lamps at $19 each 2,500 floor lamps at $25 each 12 Sold lamps on account to Atlas Home Fumishings, terms 2/10, n/30: 4,000 table lamps at $45 each 15 Sold lamps on account to Hiswassee Office Supply, terms 2110, n/30: 1,000 desk lamps at $20 each 20 Received a check from Atlas Home Fumishings for full amount owed on Oct. 12 sale. 23 Received a check from Hiawassee Office Supply for full amount owed on Oct. is sale. 28 Sold lamps on account to Parkway Home Stores, terms 2/10,n/30 : 3,500 table lamps at $45 each 1,500 floor lamps at $65 each 30 Paid amount due to Blue Ridge Lights from Oct. 1 purchase. 31 Paid salaries, 540,000 (75\% selling. 25% administrative). 31 Paid utilities, $2,500(60% selling, 40% administrative). Nov. 1 Sold lamps on account to Hiawassee Office Supply, terms 2710, n/30: 3,000desklampsat$20each 5 Purchased lamps on account from Blue Ridge Lights, terms n/30, FOB destination: 5,000 desk lamps at $10 each 10,000 table lamps at $21 each 5,000 floor lamps at $27 each 5 Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. 8 Recelved a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale. 10 Purchased and paid for supplies: $325 for the office; $675 for the warehouse. 15 Sold lamps on account to Anderson Office Supply, n/30: 2,000 desk lamps at $20 each 18 Sold lamps on account to Go-Mart Discount Stores, terms v110, n/30: 2,000 table lamps at $45 each 2,000 floor lamps at $65 each 28 Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. 30 Paid salaries, 540,000 (75\% selling. 25% administrative). 30 Paid utilities, 52,670 (60\% selling, 40% administrative). Dec. 5 Paid amount due to Blue Ridge Lights from Nov. 5 purchase. 15 Received a check from Anderson Office Supply for full amount owed on Nov: is sale. 15. Paid dividends, 550,000 27 Sold lamps on account to Atlas Home Furnhhingt, terma 2/10, nO0: 4,500 desk lamps at 520 each \$,000 table lamps at $45 each 31 Paid salaries, $40,000(75% selling. 25% administrative). 31 Paid utilities, $3,200 (60\% selling, 40\% administrative). Requirements 1. Open general lediger T-accounes and enter opening halaness as of Sepermber 3 , 2024. 2. Open inventory reconds for the three inventory items and cnter opening balances as of Sepecmber 30, 2024, Complete the inventoey mecoeds exing the following thansactions. Oct. 1,12,15,28, Nov: 1,5,15,18, and Dec 27 . 3. Record the transactions in the general journal. 4. Post transactions to the general ledger. 5. Prepare alfisaing entries for the ycar ended Decamber 31, 20e4, and poit to the Jerlger: a. Depreciation, $48,500 (75\% selling 25% adminisurative). b. Supplics on hand office, $200, and warchoose, $660, c. A physical imensory account resulted in the following counes deck lamps. 1,990; table lamph, 5,995; and floor larrps, 6,900. Update the imentory roconds. 6. Pecpare an adjusted trial balance. 7. Provide a summary for the month, in both units and bollars, of the change in inventory for each item in the following formar: Doss the sum of the ending balances in the irventary roconds masch the balance in Merchandise Inventory in the gencral lodget? If mot, neview the transactions to find your error: 8. Pecpare Davis Lamp Compamy multi-step income statcment and statement of retained earnings for the year ended December 31,2024 , and a clasified balance shect is of December 31, 2024. 9. Calculate the following matios for DLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance