Det 1. FIPO LIPO The litventory Comgany has provided you with three months of their inventory and purchase the last three months Date tem Quantity Unit Price Jay Beginntry 2.500 $38 July 13 Purchase 3.00 $37 July 29 Purchase 5500 $36 Aug 11 Purchase 4100 A39 136 5700 $35 Sept 14 Purchase 3.900 $34 Journal Company purchased 2.500 red blandets from Warm Vendor with the following terms 2/10, 1/36 POB festination and unit price is 526 Received freight will for Oct 1 transaction 5600 and puld Returned 200 blankets from Oct 1 transactie Octa Octs Oct Oct 12 Pald the mountate Warm Vendor Sold 1.700 red blankets to City Customer terms 2/10, 1/30 FOB Shipping Point selling price is $50. City Customer returned 125 redbuket Ort 15 Oct 22 During three months the company sold 10.200 unit. Selling price is 578 and the company tax ratals 32% Raqalredi A Complete the worksheet for FIFO, LIPO and the income statement for the above information - similar to the example we completed in dess. Example Watch for IPO and LIFO Date ty Unit $ Total Ead CGS luwentory Oct 20 City Customer paid total amount owed Journal Company purchased 1.900 red blankets from Warm Vendor with the following terms 2/10/30 Po shipping polit unit price is $26 Oct 23 Received freight for Oct 21 transaction 5700 and paid E Complete the required income statement comparison, as we did in class. FIPO LIFO Sales cos (Cost of Goods Sold Cross Prod Income Tax Profiteres Required A. Prepare all of the necessary journal entries in the following account (as weddin dans Cash Accounts Receivable. Purchases (Inventory Purchase Returns inventory) Inventory Accounts Payable, Purchase Discounts, Freight Sales Sales Discounts Sales Returns Cast of Goods Sald Summarize your data and prepare the partial income statement as we did in clam (This was prepared in Week Virtual Clu). EB 3 c. wplata which the you would recommend that the company should and explain the reaton for your decision Explain the difference between Gross Account Receivables Vs Net Account Receivable 2. Investory Transactions The Journal Company has provided you with the following inventory Act