Question 18 Calculate income from operations for Jonas Company based on the following data: Sales $764,000 Operating expenses 52,500 Cost of goods sold 538,000 $226,000 $711,500 $173,500 $485,500 Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 120 units at $40 Dec. 10 60 units at $42 Dec. 12 84 units Dec. 20 54 units at $44 Dec. 14 72 units Dec. 31 36 units Assume that the business maintains a perpetual Inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Date Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Dec. 1 Dec. 10 Dec. 12 O 0 IN Dec. 14 Dec. 20 Dec. 31 Dec 31 Balances Previous Next Check My Work Save and Exit Submit Assignment for Grac All work saved