Question 1 Prepare General journal entries. Use FIFO method to calculate the COGS 1. Amneet invested 560000 to her clothing store She purchased 700 units of shirts @ $5 each for cash 3. She sold 500 units of Shirts at S15 each on account (Customer pays later) 4. She bought 400 units of Shirts for S4 each on account 5. She sold 100 units at $20 each for cash 6. Purchased a machine for $5000 from Vachan Auto traders 7. Paid salary S 2000 for Ankit at the end of the month 8. Paid rent of S1000 for the month 2 a. Prepare General journal entries b. Calculate the gross profit based on c. Calculate the Net profit d. Prepare Trial Balance e. Prepare Income statement f. Prepare Statement of Owners equity g. Prepare Balance Sheet Calculate the gross profit ratio Calculate the net profit ratio Calculate the Asset turnover ratio Calculate inventory turnover ratio