Question 27 (10 points) Please look at the following information for Kelvin Inc. The company purchases its inventory from their supplier on account. All sales are also on account. Kelvin Inc. uses the perpetual inventory system. The company records their inventory using the average cost method. Purchases Cost of Goods Sold Balance Date Units Cost $ Total $ Units Cost $ Total $ Units Cost $ Total $ Jan 1 |80 210 16,800 160 180 [al 240 190 45,600 210 [b] [C] 30 190 5.700 15 6 0 160 9,600 [d] [C] [G] Instructions: Calculate the missing amounts in the table above. Note that you will not have to use all of them in your (online) answers, Prepare all journal entries for the month of January for Kelvin Inc. Assume that the selling price per unit for their product is $280. Fill in the blanks below. D a ha falla informatinet inne Please review the following format instructions: If you are asked an account name, fill in the full account names, and do not use abbreviations (such as AFDA, A/R, A/P, Cogs, etc.). Please use account names in singular, e.g. Supply instead of Supplies The answers are case insensitive, i.e. you can use capital letters or lower case letters). Please check the spelling, as wrong spelling cannot be detected as correct answer. For numerical answers, please enter the plain number without currency signs, commas, spaces or thousands separators, e.g. CORRECT format: 47300; INCORRECT format: $47,300 In order to record the purchase on January 5, which account has to be debited? What amount has to be recorded for this purchase transaction on January 5? In order to record the selling transaction on January 8, which account has to be credited? In order to record the selling transaction on January 8, which account has to be credited? What amount has to be recorded for this selling transaction on January 8? For the same selling transaction on January 8, do you have to debit or credit the Cost of Goods Sold account? What amount has to be recorded on the Cost of Goods Sold account for this transaction on January 8? What is the total number of inventory units at the end of the accounting period? ut finding inventory in $12 Note Londente aliamumabas What is the total amount of ending inventory (in $)? Note: Only enter plain number