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 FPL sold 60 nutritional bars to Big Jim for $324 cash, which includes $30 of sales tax. Apri1 30 FFL received $55,600 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 $13,800 check for six months' rent. December 30 FFL paid employees' net pay through December 31 , using direct deposits totaling $4,260, for 250 total hours at a $20 hourly wage. The company had withheld FICA of $290, United Way contributions of $80, and income tax of $370. December 31 FFL adjusted the accounts at year-end, relating to (a) employer payro11 taxes, including FICA and $90 of unemployment taxes, (b) interest, and (c) rent. Required: 1. 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 $1.80 ( $90 total cost), had no other inventory transactions prior to January 6 and 8 , and reports its inventory costs using FIFO. 2. For each of the above dates, prepare the required journal entries (using a perpetual inventory system) and the adjusting journal entries. Complete this question by entering your answers in the tabs below. Calculate the cost of goods sold on January 8 , assuming FFL began the year with an inventory of 50 nutritional bars cost of $1.80 ( $90 total cost), had no other inventory transactions prior to January 6 and 8 , and reports its inventor using FIFO. (Do not round intermediate calculations.)