DLC uses a perpetual inventory systemlong dash$$FIFO method. DLCDLC owns land with a$$ building, which is separated into two$$ parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the$$ warehouse, which is used for the shipping and receiving functions of the$$ company, are categorized as Selling Expenses. In addition to the land and$$ building, DLCDLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets.

$1.$Open general ledger$$ T$-$accounts and enter opening balances as of SeptemberSeptember $3030,20252025.$

$2.$Open inventory records for the three inventory items and enter opening balances as of SeptemberSeptember $3030,20252025.$ Complete the inventory records using the following$$ transactions: Oct.Oct. $1,12,15,28$; Nov.Nov. $1,5,15,18,$ and Dec.Dec. $27.$

$3.$Record the transactions in the general journal.

$4.$Post transactions to the general ledger.

$5.$Prepare adjusting entries for the year ended December$31,20252025,$ and post to the$$ ledger:

a$.$Depreciation$,$ $ $64$ comma $500$$$64,500(7070\%$selling$,3030\%$administrative$).$

b$.$Supplies on$$ hand: office, $ $250$$$250$; $$warehouse$,$ $ $575$$$575.$

c$.$A physical inventory account resulted in the following$$ counts: desk$$ lamps, $1$ comma $4921,492$; table$$ lamps, $6$ comma $6946,694$; and floor$$ lamps, $7$ comma $5007,500.$ Update the inventory records.

$6.$Prepare an adjusted trial balance.

$7.$Provide a summary for the$$ month, in both units and$$ dollars, of the change in inventory for each item in the following$$ format:

Does the sum of the ending balances in the inventory records m

atch the balance in Merchandise Inventory in the general$$ ledger? If$$ not, review the transactions to find your error.

$8.$Prepare DaneDane Lamp$$ Company's multi$-$step income statement and statement of$$ owner's equity for the year ended December$31,20252025,$ and a classified balance sheet as of December$31,20252025.$

$9.$Calculate the following ratios for DLCDLC as of December$31,20252025$: gross profit$$ percentage, inventory$$ turnover, and$$ days' sales in inventory.

$10.$Record and post the closing entries.

$11.$Prepare a$$ post$-$closing trial balance.