So, I'm stuck right now:

For this it's asking me to: Accounting records for High Life High Life Corporation yield the following data for the year ended June

June 30, 2018 (assume sales returns are non-existent):Journalize High Life's High Life's inventory transactions for the year under the perpetual system. (Record debits

Inventory, June 30, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$14,000

Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57,000

Sales of inventory - 78% on account; 22% for cash (cost $44,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,000

Inventory at FIFO, June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,000

i Know the first entry is:

Inventory 57,000

Accounts Payable 57,000

and i know that the second is: (but i'm not sure how i could calculate these to get the right answer)

Accounts Receivable

Cash

Sales Revenue

Requirement 2.

or how i would complete this: Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.