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kindly solve. its urgent The Ludwig Inc. company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Sales

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kindly solve. its urgent

The Ludwig Inc. company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Sales Beginning 210 units @ $24/unit February 20: 110 units February 24 150 units @ $26/unit August 9 200 units May 22 150 units @ $28/unit The units have a selling price of $40.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Ludwig Inc using the FIFO system FIFO Cost of Goods Sold Ending Inventory Gross Profit b) Prepare journal entries to record the following (assuming all sales and purchases are for cash) (a) The purchase on February 24. (b) The sale on August 9 Enter the transaction letter as the description when preparing a journal entry When a transaction requires two separate journal entries, use the same letter for both descriptions Dates must be entered in the format dd/mmm (ie 15/Jan) General Journal Page GJ8 Date Account/Explanation F Debit Credit

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