Presented below is selected financial information for Ivanhoe Company:

Compute the net income for the year.

Marigold Company sells one product. Presented below is information for January for Marigold Company.

Jan. $1$ Inventory $104$ units at $$5$ each

$4$ Sale $79$ units at $$8$ each

$11$ Purchase $145$ units at $$6$ each

$13$ Sale $115$ units at $$9$ each

$20$ Purchase $162$ units at $$6$ each

$27$ Sale $107$ units at $$10$ each

Marigold uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Marigold uses a perpetual system. Prepare all necessary journal enties.