Johnson Company sells one product. Its inventory records contained the following information:

please help me to figure out no.1 and no.2. Thank you so much!

Johnson Company sells one product. Its inventory records contained the following information: Cost per Unit Units 8,000 Total Cost Beginning inventory at January 1, 2015 Purchases on account: March 31 June 30 September 30 December 31 12,000 15,000 13,000 7,000 47,000 $8.25 7.90 7.50 7.70 $99,000 118,500 97,500 53,900 Units Sale Price Total Sale Sales on account: January 15 July 15 November 1 4,000 17,000 12,000 33,000 $16.00 15.75 14.00 $64,000 267,750 168,000 Required: 1) Calculate cost of goods sold and ending inventory at December 31, 2015 under the FIFO method. Assume Johnson uses a perpetual inventory system. Assume the opening inventory was valued at $8.20 per unit Prepare the journal entries to record the July 15 sale and the September 30 purchase. a. 2) Calculate cost of goods sold and ending inventory at December 31, 2015 under the LIFC method. Assume Johnson uses a periodic inventory system and that the opening inventory was valued at $7.00 per unit. a. Prepare any adjusting entries necessary at 12/31/15. 3) Calculate the 2015 inventory turnover ratio under the two methods. Explain what the difference demonstrates. 4) Assume that Johnson's replacement cost per unit at 12/31/15 is $7.70. Prepare any adjusting entries necessary under both the FIFO and LIFO methods at 12/31/15