The Global Filter Corp. company has the following purchases and sales during the year ended December 31, 2014.

Inventory and Purchases

Sales

Specific Units Sold

Beginning:	400 units @ $62/unit
January 23:	400 units @ $65/unit
July 22:	150 units @ $68/unit

March 9:	200 units
December 9:	300 units

March 9:	110 units from beginning inventory
	90 units from the January 23 purchase
December 9:	120 units from beginning inventory
	70 units from the January 23 purchase
	110 units from the July 22 purchase

The units have a selling price of $75.00 per unit. a) Given that Global Filter Corp. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory.

Cost of goods available for sale: Units available for sale: Units remaining in ending inventory:

b) 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 Global Filter Corp. using the specific identification system.

Specific IdentificationCost of Goods Sold Ending Inventory Gross Profit

c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on July 22, (b) The sale on December 9. Enter the transaction letter 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 in the format dd/mmm (ie. 15/Jan).