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.) i During January, Donnelly Consulting completed the following transactions and opened the following accounts. (Click the icon to view the transactions.) The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. i (Click the icon to view the new accounts and opening balances.) Read the requirements. 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 18th, 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 Units Cost of Goods Sold Total Units Total Date Quantity Cost Cost Quantity Cost Cost Quantity Inventory on Hand Unit Cost Total Cost Jan. 7 65 18 22 Totals 28 31 Reference Cash Bal. 29,460 Accounts Payable Service Revenue 1,600 Bal. 0 Bal. Accounts Receivable Unearned Revenue Rent Expense Bal. 3,350 2,200 Bal. Bal. Bal. Office Supplies 250 Salaries Payable Utilities Expense 450 Bal. Bal. Bal. Equipment 2,100 Common Stock Supplies Expense 27,000 Bal. Bal. Accumulated Depr.-Equipment Retained Earnings Salaries Expense 35 Bal. 5,350 Bal. Bal. Furniture Bal. 1,500 Accumulated Depr.-Furniture 25 Bal. Dividends Bal. Depreciation Expense-Equipment Bal. Bal. Depreciation Expense-Furniture Read the requirements. FO investanu caction method (Note: You must calculate the cost of asado cold on the 10th 70th and 71ct) after More info Jan. antit 2 Completed a consulting engagement and received cash of $8,700. 2 Prepaid three months office rent, $5,400. 7 Purchased 65 units software inventory on account, $1,420, plus freight in, $75. 18 Sold 50 software units on account, $4,600. 19 Consulted with a client for a fee of $800 on account. 20 Paid employee salaries, $1,350, which includes accrued salaries from December. 21 Paid on account, $1,630. 22 Purchased 260 units software inventory on account, $7,020. 24 Paid utilities, $190. 28 Sold 90 units software for cash, $5,400. 31 Recorded the following adjusting entries: a. Accrued salaries expense, $450 b. Depreciation on Equipment, $35; Depreciation on Furniture, $25 c. Expiration of prepaid rent, $1,800 d. Physical count of software inventory, 177 units Print Done More info Software Inventory, SO; Prepaid Rent, $0; Sales Revenue, $0; Cost of Goods Sold, $0 (Enter the oldest inventory lay Requirements Print Done 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 18th, 28th, and 31st.) 2. Journalize the transactions for January 18th, 28th, and 31st (adjusting entry d only) using the perpetual inventory record created in Requirement 1. Print Done