Lamontagne Inc. inventory records for a particular development program show the following at January 31, 2017:

1-Jan	Beginning inventory	4	units @	$155	=	$620
15	Purchase	13	units @	165	=	2,145
26	Purchase	4	units @	175	=	700

At January 31, 11 of these programs are on hand. Lamontagne uses the perpetual inventory system.

Required

1.	Journalize for Lamontagne:
	a.		Total January purchases in one summary entry. All purchases were on credit.
	b.		Total January sales and cost of goods sold in two summary entries. The selling price was $ 575 per unit, and all sales were on credit. Lamontagne uses the FIFO inventory method.
2.	Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory?

Requirement 1a. Journalize for Lamontagne's total January purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.)

Journal Entry
Date		Accounts	Debit	Credit

Requirement 1b. Journalize for Lamontagne's total January sales and cost of goods sold in two summary entries. The selling price was $575 per unit and all sales were on credit. Lamontagne uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do this in the next journal entry.)

Let's start by recording the entry for January sales.

Journal Entry
Date		Accounts	Debit	Credit

Now record the entry for the cost of inventory sold assuming FIFO.

Journal Entry
Date		Accounts	Debit	Credit

Requirement 2. Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory?

How much gross profit would Lamontagne earn on these transactions?$$$

What is the FIFO cost of ending inventory?$$$