Dylex Corporation employs a perpetual inventory system using FIFO. Dylex Corporation has the following purchases and sales during the year ended December 31, 2014. Assume all purchases and sales are for cash. Inventory and Purchases Beginning: 400 units @ $84/unit February 22: 400 units @ $76/unit August 9: 300 units @ $70/unit Sales March 24: 300 units December 24: 200 units The units have a selling price of $110.00 per unit. a) Calculate the cost of goods available for sale, the number of units available for sale, and the units remaining in ending inventory. c) Prepare journal entries to record (a) the purchase on August 9 and (b) the sale on December 24. 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).) Cost of Goods available for sale: Units available for sale: Units remaining in ending inventory: 85,000 1,100 5,100 b) 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 Dylex Corporation. Cost of Goods Sold: Ending Inventory: Gross Profit: Date General Journal Account/Explanation 22/Feb Merchandise Inventory.. +Cash 9/Aug Cash + Accounts Receivable. a 24/Dec Cost Of Goods Sold Merchandise Inventory... b This schedule is provided for calculation purposes only and is not marked. Purchases/Transportation-In/ (Purchase Returns/Discounts) Units Cost/Unit Total $ Cost of Goods Sold/ (Returns to Inventory) Units Cost/Unit Total $ Date January 1 February 22 March 24 August 9 December 24 F Debit Page GJ8 Credit Balance in Inventory Units Cost/Unit Total $