In 2018, Rogan LLC had the following information related to sales and inventory. Rogan uses a perpetual inventory system and the FIFO cost method. All sales and inventory purchases are on account.

On January 1, 2018, Rogan reported:

Inventory $30,000 (3,000 units at a cost of $10/unit)

In 2018, Rogan had the following inventory transactions (in chronological order):

Purchased, on account, 5,000 units at a cost of $12/unit.

Sold, on account, 6,000 units at a selling price of $25/unit; terms included sales discount.

Received $135,000 on account from customers who owed $140,000; $5,000 taken in discounts.

Purchased, on account, 8,000 units at a cost of $15/unit.

Sold, on account, 9,000 units at a selling price of $30/unit; terms included sales discount.

Received $250,000 on account from customers who owed $260,000; $10,000 taken in discounts

Requirement 1: Record the 2018 inventory transactions.

Requirement 2: Determine 2018 net sales.

Requirement 3: Determine 2018 gross profit.

Requirement 4: Determine the 12-31-18 balances for Accounts Receivable and Inventory.