hi chegg staff, please help me with questions 6 through 9. thank you.

Fred's Canned Corn Emporium - A purveyor of the finest canned corn in Manhattan, KS for over 25 years. following questions and fill out the Read through the following narrative of Fred's activities. Answer attached inventory card along the way. At the beginning of the year, Fred has 25 cans of corn on hand that cost him $5 per can. On January 5th, Fred purchases 20 cans of corn from lowa's Best Corn for $5.50 per can. The freight cost to get the corn from lowa to Fred's store was $10 total, and shipping terms were FOB lowa. The order shows up at the store the next day, and it takes the stock boy 1 hour to stock the new order on the shelves (and he is paid $8 /hour). On the 8th, Fred sells 20 cans at $10 apiece on open account. On the 9th, Fred sells 18 cans at $10 aplece for cash. On January 10th, Fred buys 25 more cans from lowa's Best for $7 per can. The freight cost to get the corn from lowa to Fred's store was $10 total, and shipping terms were FOB Manhattan. The order shows up the next day, and it takes the stock boy 1 hour to stock the new order on the shelves. On the 12th, Fred sells 12 cans at $10 apiece on open account. Nothing else happens in the month of January for Fred's Canned Corn Emporium. 1. For the January 5th event, what costs are inventoriable? What will be the cost per can? Record it on the inventory card provided Cocos invero alde, cos percons L.40 2. Assume we are in a time of rising corn prices. We want to use the cost flow assumption that will give us the lowest cost of goods sold and the highest net income. What cost flow assumption should we use? FIFO 3. We will be using Perpetual LIFO or FIFO (depending on your answer from #2) because that is what we have learned in class. In reality, depending on what the nature of our product is, would we use perpetual or periodic? 4. Using the inventory card to find COGS, what journal entries should be made to record the January 8th sale? 5. Using the inventory card to find COGS, what journal entries should be made to record the January 9th sale? 6. For the January 10 event, what costs are inventoriable? What will be the cost per can? Record it on the inventory card 7. Using the inventory card to find COGS, what journal entries should be made to record the January 12th sale? 8. For the Month of January, what is the cost of goods available for sale? 9. What is the cost of goods sold? On what financial statement will it show up on? 10. What is Fred's ending inventory balance? On what financial statement will it show up on? 11. What is Fred's gross margin? 12. What is the Gross Margin Ratio for the period? 13. What does the Gross Margin Ratio mean? Corn Inventory Card - use cost flow assumption Perpetual Inventory Balances Inventory Events # Date Transaction Units 1/1 Beginning Inventory 25 Cost/ Unit $5 Cost of Sales COGS COGS COGS Units Cost/Unit total Inv. Total $125 Cost/Unit Units total 1/5 Purchase Inventory 20 6.4 128 1/8 Sales @ $10 each unit 20 1/9 Sale @ $10 each unit 18 1/10 Purchase Inventory 25 1/12 Sale @ $10 each unit 12 Cost of Goods Available for Sale TOTAL COGS