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Best Guy Company purchases inventory in crates of merchandise; each crate of inventory is a unit. The fiscal year of Best Guy ends each January 31. Assume you are dealing with a single Best Guy store in Denver, Colorado. The Denver store began the year with an inventory of 20,000 units that cost a total of $1,060,000. During the year, the store purchased merchandise on account as follows: (Click the leon to view the purchanes) y ends each ian inventory Cash payments on account totaled $8,092,000. During fiscal year 2021, the store sold 151,000 units of merchandise for $15,477,500, of which $5,400,000 was for cash and the balance was on account. Best Guy and all of its stores use the average-cost method for inventories. The Denver store's operating expenses for the year were 53,750,000. It paid 70% in cash and accrued the rest as accrued liablitities. The store accrued income tax at the rate of 40%. Read the requirements. Data table Requirements 1. Make summary journal entries to record the store's transactions for the year ended January 31,2021 . Best Guy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. 2. Prepare a T-account to show the activity in the Inventory account. 3. Prepare the store's income statement for the year ended January 31, 2021. Show totals for gross profit, income before tax, and net income. Requirement 1. Make summary fousnal entiies to record the store's transactions for the year ended January 31, 2021. Best Guy and all of its stores use a perpetual heventory system. Round arer nearest dollar. (Record deblts flist, then ciedits. Exclude explanations from any fournal entrles.) Lets start with the entry to record the purchases on account. Next, tecord the cash payments on account for $8,092,000. and accrued the rest as accrued lablities The sts Read the isquitements 5,400,000 was for cash and the balance was on account. (Do not rocord the cost refated to the safo. We will do this in the next foumal entr Yre anwwer lo the neaiest whole dotar) Read the tequloments Record the cost related to the sale of merchandise. (Round unit costs to the nearest cent. Round your antwor to the nearest wholo dollac) Journal Entry \begin{tabular}{cccc} \hline Dote & Accounts & Deblt \\ \hline Jan 31 & \end{tabular} Journal Entiy thab, reces touenat Eitivy Finally, record the entry to accrue income tax. (Round your final answers to the nearest whole dollar.) Sournal Entry Date Accounts Requinement2. Prepsie a T Ifwentity Ness Cay Mere an Denter biviouse slaiesueill Year f.uded dameny 2t, 2001 Peegitetherd 2. Prepare a T-aceount to show the actidity in the imveriony accouns re a T-account to show the activity in the Inventory accou ance and activity to the T-account and calculate the endin Requirement 3. Prepare the store's income statement for the year ended January 31,2021 (Click the icon to view the purchases.) Best Guy Company purchases inventory in crates of merchandise; each crate of inventory is a unit. The fiscal year of Best Guy ends each January 31. Assume you are dealing with a single Best Guy store in Denver, Colorado. The Denver store began the year with an inventory of 20,000 units that cost a total of $1,060,000. During the year, the store purchased merchandise on account as follows: (Click the leon to view the purchanes) y ends each ian inventory Cash payments on account totaled $8,092,000. During fiscal year 2021, the store sold 151,000 units of merchandise for $15,477,500, of which $5,400,000 was for cash and the balance was on account. Best Guy and all of its stores use the average-cost method for inventories. The Denver store's operating expenses for the year were 53,750,000. It paid 70% in cash and accrued the rest as accrued liablitities. The store accrued income tax at the rate of 40%. Read the requirements. Data table Requirements 1. Make summary journal entries to record the store's transactions for the year ended January 31,2021 . Best Guy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. 2. Prepare a T-account to show the activity in the Inventory account. 3. Prepare the store's income statement for the year ended January 31, 2021. Show totals for gross profit, income before tax, and net income. Requirement 1. Make summary fousnal entiies to record the store's transactions for the year ended January 31, 2021. Best Guy and all of its stores use a perpetual heventory system. Round arer nearest dollar. (Record deblts flist, then ciedits. Exclude explanations from any fournal entrles.) Lets start with the entry to record the purchases on account. Next, tecord the cash payments on account for $8,092,000. and accrued the rest as accrued lablities The sts Read the isquitements 5,400,000 was for cash and the balance was on account. (Do not rocord the cost refated to the safo. We will do this in the next foumal entr Yre anwwer lo the neaiest whole dotar) Read the tequloments Record the cost related to the sale of merchandise. (Round unit costs to the nearest cent. Round your antwor to the nearest wholo dollac) Journal Entry \begin{tabular}{cccc} \hline Dote & Accounts & Deblt \\ \hline Jan 31 & \end{tabular} Journal Entiy thab, reces touenat Eitivy Finally, record the entry to accrue income tax. (Round your final answers to the nearest whole dollar.) Sournal Entry Date Accounts Requinement2. Prepsie a T Ifwentity Ness Cay Mere an Denter biviouse slaiesueill Year f.uded dameny 2t, 2001 Peegitetherd 2. Prepare a T-aceount to show the actidity in the imveriony accouns re a T-account to show the activity in the Inventory accou ance and activity to the T-account and calculate the endin Requirement 3. Prepare the store's income statement for the year ended January 31,2021 (Click the icon to view the purchases.)