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complete this [14 points] The Barton Corporation company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales
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[14 points] The Barton Corporation company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 300 units @ $67/unit July 17: 200 units January 21:200 units @ $64/unit December 18: 300 units October 8: 200 units @ $59/unit The units have a selling price of $95.00 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 earned by Barton Corporation using the FIFO system. FIFO Cost of Goods Sold Ending Inventory Gross Profit b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 8, (b) The sale on December 18. 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 F Debit Credit Page GJS + L + LStep by Step Solution
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