Journal Entries, Income Statement, Balance Sheet, and inventory turnover ratio

College Coasters is a San Antonio-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. $10,005 2,000 500 600 810 110 1,500 300 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses 6,500 3,030 15,985 8,900 1,100 2,000 110 1,400 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1, consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. During December, the explained in greater detail below company entered into the following transactions. Some of these transactions are 1. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of 2/10, n/30 2. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of 2/10, n/30 3. Sold 2,000 coasters on account on 12/3 at a unit price of $0.90 4. Collected $1,000 from customers on account on 12/4 5. Paid the supplier $1,600 cash on account on 12/18 6. Paid employees $500 on 12/23, of which $300 related to work done in November and $200 was for wages up to December 22