The Benson Inc. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 200 units @ $46/unit Sales May 3: March 29: 200 units @$45/unit 200 units October 31: 200 units June 17: 200 units @$46/unit The units have a selling price of $50.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Benson Inc. using the FIFO system FIFO Cost of Goods Sold Ending Inventory Gross Profit b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on June 17, (b) The sale on October 31. Enter the transaction r as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions Dates must be entered inte format dd/mmm (ie. 15/Jan) General Journal Account Explanation Page GJE Debit Credit