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

January $6$ Purchased and received $60$ nutritional bars for $$114,\frac{n}{45}.$

January $8FFL$ sold $70$ nutritional bars to Big Jim for $$304$ cash, which includes $$28$ of sales tax.

April $30FFL$ received $$55,400$ from Comerce Bank after signing a $24-$month, $3$ percent, promissory note.

August $31FFL$ signed a $6-$month contract to sublease a portion of its building. FFL also received a $$13,200$ check for six months' rent.

Decenber $36$ FFL paid employees' net pay through December $31,$ using direct deposits totaling $$3,860,$ for $250$ total hours at a $$18$ hourly wage. The company had withheld FICA of $$280,$ United Way contributions of $$60,$ and income tax of $$360.$

December $31$ FFL adjusted the accounts at year$-$end, relating to $($a$)$ employer payroll taxes, including FICA and $$78$ of unemployment taxes, $($b$)$ interest, and $($c$)$ rent.

Requlred:

Calculate the cost of goods sold on January $8,$ assuming FFL began the year with an inventory of $60$ nutritional bars at a unit cost of $$1\mathrm{.}50($ $$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 joumal entries $($using a perpetual inventory system$)$ and the adjusting journal entries.

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Calculate the cost of goods sold on January $8,$ assuming FFL began the year with an inventory of $60$ nutritional bars at a unit cost of $$1\mathrm{.}50($ $$90$ total cost$),$ had no other inventory transactions prior to January $6$ and $8,$ and reports its inventory costs using FIFO. $($Do not round intermediate calculations.$)$

Cost of goods sold