College Coasters is a San Diegobased merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1.

Cash	$ 9,100
Accounts Receivable	1,880
Inventory	360
Prepaid Rent	660
Equipment	740
Accumulated Depreciation	110
Accounts Payable	1,280
Salaries and Wages Payable	300
Income Taxes Payable	0
Common Stock	5,500
Retained Earnings	3,000
Sales Revenue	15,780
Cost of Goods Sold	8,810
Rent Expense	1,210
Salaries and Wages Expense	1,700
Depreciation Expense	110
Income Tax Expense	0
Office Expense	1,400

The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.

1. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60.
2. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60.
3. Sold 1,600 coasters on account on 12/3 at a unit price of $1.00.
4. Collected $830 from customers on account on 12/4.
5. Paid the supplier $1,600 cash on account on 12/18.
6. Paid employees $480 on 12/23, of which $290 related to work done in November and $190 was for wages up to December 22.
7. Loaded 80 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n/60.

Other relevant information includes the following at 12/31:

8. College Coasters has not yet recorded $190 of office expenses incurred in December on account.
9. The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded.
10. Wages for the period from December 2331 are $100 and will be paid on January 15.
11. The $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year.
12. The company incurred $700 of income tax but has made no tax payments this year.
13. No shrinkage or damage was discovered when the inventory was counted on December 31.
14. The company did not declare dividends and there were no transactions involving common stock.

1. Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare General Ledger, Trial Balance, Income Statement, Balance Sheet

3. What is the Inventory Turnover Ratio? _____ times per year

4. Days to sell?