Donnelly Consulting performs systems consulting and has the following post-closing balances at December 31, 2016 (Click the icon to view the post-closing balances.) The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory During January, Donnelly Consulting completed the following transactions and opened the following accounts (Click the icon to view the transactions.) (Click the icon to view the new accounts and opening balances) Read the teauarements COO Requirement 1. Prepare perpetual inventory records for January for Donnelly using the FIFO inventory costing method (Note: You must calculate the cost of goods sold on the 10th 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Units Total Units Total Inventory on Hand Unit Total Date Jan 7 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 18 22 28 Total 31 Reference Cash Bal 24,800 Accounts Payable 1,100 Bal. Service Revenue 0 Bal Accounts Receivable Unearned Revenue Rent Expense Bal 2,750 2,300 Bal Bal. 0 Bal Office Supplies 400 Salaries Payable Utilities Expense 650 Bal Bal Equipment Ball 1.800 Common Stock Supplies Expense 24,000 Bal Bal Accumulated Depr.-Equipment Retained Earnings Salaries Expense 30 Bal 2.260 Ball Bal Furniture Bal 800 Accumulated Depr-Furniture 10 Bia I Depreciation Expense-Equipment Dividends Bal Bal Depreciation Expense-Furniture Bal 0 x More info Jan. 2 Completed a consulting engagement and received cash of $8,300. 2 Prepaid three months office rent, $5,400. X OL DL 7 Purchased 100 units software inventory on account, $2,230, plus freight in, $70. 18 nt Sold 50 software units on account, $4,600. ate 19 Consulted with a client for a fee of $1,400 on account 20 ord Paid employee salaries, $1,950, which includes accrued salaries from December. ve COS 21 Paid on account, $1,630. ven 22 Purchased 220 units software inventory on account, $5,940. 24 Paid utilities, $200. To 28 Sold 150 units software for cash, $8,250 Co 31 Recorded the following adjusting entries: a. Accrued salaries expense, $650 b. Depreciation on Equipment, $30, Depreciation on Furniture, $10 c. Expiration of prepaid rent, $1,800 d. Physical count of software inventory, 110 units Print Done More info Software Inventory, $0, Prepaid Rent, $0, Sales Revenue, $0; Cost of Goods Sold, $0 Print Done X V V a