Fit for Life $($FFL$)$ operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December $31.$ FFL adjusts its records only at year$-$end.

January $6$ Purchased and received $50$ nutritional bars for $$95,$ n$/45.$

January $8$ FFL sold $60$ nutritional bars to Big Jim for $$354$ cash, which includes $$33$ of sales tax.

April $30$ FFL received $$55,900$ from Commerce Bank after signing a $24-$month, $6$ percent, promissory note.

August $31$ FFL signed a $6-$month contract to sublease a portion of its building. FFL also received a $$14,700$ check for six months$$ rent.

December $30$ FFL paid employees$$ net pay through December $31,$ using direct deposits totaling $$3,200,$ for $250$ total hours at a $$16$ hourly wage. The company had withheld FICA of $$305,$ United Way contributions of $$110,$ and income tax of $$385.$

December $31$ FFL adjusted the accounts at year$-$end, relating to $($a$)$ employer payroll taxes, including FICA and $$120$ of unemployment taxes, $($b$)$ interest, and $($c$)$ rent.

Required:

Calculate the cost of goods sold on January $8,$ assuming FFL began the year with an inventory of $50$ nutritional bars at a unit cost of $$1\mathrm{.}80($$$90$ total cost$),$ had no other inventory transactions prior to January $6$ and $8,$ and reports its inventory costs using FIFO.

For each of the above dates, prepare the required journal entries $($using a perpetual inventory system$)$ and the adjusting journal entries.

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