Below is worksheet to analyze the cost of inventory and the cost of goods sold. Remember, Cycle Path uses the FIFO inventory method. (hint: enter purchases as positive quantities and sales as negative quantities) a) Jan. 6, 2020 - Cycle Path paid the salaries payable from 2019. b) Jan. 14, 2020 - The company acquired an additional $42,500 cash from the issue of common stock. c) Jan. 17, 2020 - The company paid $765 cash for supplies to be used by the business. d) Jan. 21, 2020 - Cycle Path purchased 35 bicycles and related gear for later sale at a cost of $16,142. The bicycles and related gear were purchased on account with the terms 1/10, n/30. e) Jan. 29, 2020 - Cycle Path decided to pay $4,200 of its accounts payable balance from event (d) before the discount period expired, so Cycle Path first applied the discount to the $4,200 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, Cycle Path's inventory cost was $460 for each item. f) Jan. 29, 2020 - Cycle Path paid cash to settle parts of its accounts payable balance as described in event (e). Feb. 12, 2020 - The company sold 24 bicycles and related gear for a total price of $15,300. Sales of $11,050 were on account, while $4,250 were cash sales. Record revenue. h) Feb. 12, 2020 - The cost to Cycle Path of each product sold in event (g) was $460. i) Feb. 17, 2020 - The company paid the workers a total of $7,140 in salaries. j) Feb. 28, 2020 - The company provided $30,600 of bicycle rental and repair services. The services were billed to the customers. k) Mar. 1, 2020 - Cycle Path rented a business van, paying $4,080 in advance for a one year rental. 1) Mar. 3, 2020 - Paid cash to settle additional accounts payable in the amount of $3,213. The payment was made after the discount period expired. m) Mar. 11, 2020 - Collected $32,300 of accounts receivable. n) Apr. 9, 2020 - Cycle Path performed $11,900 worth of bicycle rental and repair services for a local college; $10,200 was on account and $1,700 was for cash. o) May 1, 2020 - Paid $6,120 for one year's rent on office space in advance. p) May. 8, 2020 - Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of $474 each. q) May. 17, 2020 - The company paid accounts payable of $1,224, but not within the discount period (the company uses the gross method). r) s) t) Jun. 1, 2020 - Cycle Path rented a larger building; paid $5,610 for 12 months' rent in advance. Jun. 5, 2020 - Cycle Path purchased, and paid cash, for 12 bicycles and related gear for later sale at a cost of $480 each. Jun. 12, 2020 - Cycle Path purchased 15 bicycles and related gear for later sale at a cost of $486 each. The purchase was on account. Jun. 23, 2020 - The company sold 32 bicycles and related gear for a total price of $23,800. Sales of $17,000 were on account, while $6,800 were cash sales. Record revenue. Jun. 23, 2020 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method. u) v) w) Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the revenue part of the event. x) Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the cost part of the event. y) Jul. 15, 2020 - Paid employees a total of $9,350 cash for salaries employees earned during the current period. z) Aug. 24, 2020 - Provided $27,200 of bicycle rental and repair services during the year. The services were billed to the customers. aa) Sep. 30, 2020 - Recognized $680 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2020 - Sold additional bicycle rental and repair services worth $340 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 13, 2020 - Collected $43,350 of accounts receivable. dd) Nov. 20, 2020 - Paid an additional $4,675 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2020 - Paid $2,380 of advertising expense during the year. ff) Dec. 28, 2020 - Paid $3,553 of utilities expense for the year. gg) Dec. 28, 2020 - Paid $10,600 of other operating expense for the year. hh) Dec. 29, 2020 - Paid a dividend of $10,200 to the shareholders. ii) Dec. 31, 2020 - There was $537 of supplies on hand at the end of the year. jj) Dec. 31, 2020 - Recognized the expired rent from the prior year, van [event (k)], office space [event (o)], and the building (event r)] for the year. kk) Dec. 31, 2020 - Recognized revenue for the current year earned from event (bb). II) Dec. 31, 2020 - Accrued salaries at December 31 were $1,020. Event Quantity Unit Cost Quantity Balance d) e h) 35 discount (24) $461.20 $4,200.00 $460.00 Value Change $ 16,142 ($42) ($11,040) 35 @ $461.20 35 @ $460.00 11 @ $460.00 Value Balance $16,142 $16,100 $5,060 p) s) u) x)