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

Men's UA Charged Bandit Chapter 10 Homework S 6-5 Parpetual Inventory ng and Rep Homework Saved Help Save&Exit Submi Check my work 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 Jan. 6 Purchased and received 50 nutritional bars for $95, n/45 Jan. 8 FFL sold 60 nutritional bars to Big Jim for $414 cash, which includes $39 of sales tax Apr.30 FFL received $56,500 from Commerce Bank after signing a 24-month, 6 percent, promissory note Aug. 31 FEL signed a 6-month contract to sublease a portion of its building. FFL also received a $16,500 check for six months' rent. Dec. 30 FeL paid employees' net pay through December 31, using direct deposits totaling $3,830, for 250 total hours at a $19 hourly wage. The company had withheld PICA of $335, United Way contributions of $170, and income tax of $415. Dec. 31 F adjusted the accounts at year-end, relating to (a) employer payroll taxes, ineluding PICA and $180 es 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 2. For each of the above dates, prepare the re 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. quired journal entries (using a perpetual inventory system) and the adjusting journal entries. Complete this question by entering your answers in the tabs below. Prev 1of14 Next >