Pams Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 220 items at $98 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date	Transaction	Description
Mar. 5	Purchased	280 items @	$	108
Apr. 10	Sold	160 items @	$	211
June 19	Sold	170 items @	$	211
Sept. 16	Purchased	230 items @	$	113
Nov. 28	Sold	150 items @	$	216

Required
a.	Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). All sales and purchases are for cash.

1. RECORD ENTRY INVENTORY PURCHASE FOR CASH.

2. Record sale if inventory for cash

3. Record entry for cost of goods sold.

4. Record sale of inventory for cash

5. Record entry for cost of good sold

6. Record entry inventory purchase for cash

7. Record sale of inventory for cash

8. Record entry for cost of good sold

Please show all work, especially values and calculations for journal entry #5 and #8, explain how you got the values