See the Balance Sheet for the beginning balances in the accounts.

P company use the FIFO inventory method, but wants to know what its Cost of Revenues (E) and Ending Inventory (A) would be if it used the LIFO or the Average Cost method instead. Complete the table below with these amounts.

Record the the journal entries for the following transactions during the year and post the amounts to Ps T-accounts

Use the account titles listed in the Income Statementand the Balance Sheet

Copy and paste or type in the account titles.

Include the type of account (A, L, SE, R, E) in the account titles (e.g., Cash (A))

Dont put extra spaces between the words in the account titles

Record the following transactions
Date	Transaction	DR Account	CR Account	Amount
2024-01-01	Purchases 1110 yoga mats for $27 each for cash
2024-02-01	Purchases 1595 yoga mats for $37 each on account
2024-05-01	Purchases 1201 yoga mats for $49 each on account
2024-06-01	Sells 3605 yoga mats for $81 each on account. Record revenue for this sale
	Record the cost of revenue for this sale. Assume the company uses the FIFO method
2024-07-01	Pays balance due on purchase made on 2024-02-01
2024-07-01	Receives cash, $74753, from customers paying off accounts receivable
2024-07-01	Writes off customer account of $19564

Record the adjusting entries at the end of the year
2024-12-31	Record depreciation expense for the year. The equipment at cost in the Property/Plant/Equipment (A) account has a useful life of 5 years and no salvage value.
2024-12-31	Record bad debt expense. Estimate 8% of accounts receivable will not be collectible
2024-12-31	Record income tax expense. The tax rate is 32%

Record the entry to close all of the income statement accounts to Retained Earnings (SE). List the income statement accounts in the same order as the income statement. The last entry is to retained earnings (SE)

Income Statement for the year ended 2024: (1) before the adjusting entries, (2) after the adjusting entries and (3) after the closing entry
Account title	(1) Unadjusted Amount	(2) Adjusted Amount	(3) Post Closing Amount
Revenue (R)
Cost of Revenue (E)
Depreciation Expense (E)
Bad Debt Expense (E)
Income Before Taxes
Income Tax Expense (E)
Net Income

Balance Sheet on December 31, 2024: (1) before the adjusting entries, (2) after the adjusting entries and (3) after the closing entry
Account title	Beginning Bal	(1) Unadjusted Amount	(2) Adjusted Amount	(3) Post Closing Amount
Cash (A)	100000
Accounts Receivable (A)	3000
Allowance for Doubtful Accounts (XA)	-200
Inventory (A)	0
Property/Plant/Equipment (A)	30000
Accumulated Depreciation (XA)	-5000
Total Assets	127800
Accounts Payable (L)	0
Income Tax Payable (L)	0
Note Payable (L)	0
Total Liabilities	0
Common Stock (SE)	100000
Retained Earnings (SE)	27800
Total Equity	127800
Total Liabilities and Equity	127800

Indicate the following amounts for Ps Cash flow Statement for the year ended 2024
	Amount
Cash from Operating Activities
Cash from Investing Activities
Cash from Financing Activities
Net Change in Cash

Comparison of Inventory Cost Flow Methods
	FIFO	LIFO	Avg Cost
Cost of Goods Available for Sale
Ending Inventory (A)
Cost of Revenue (E)