The Gulf Corp. company has the following purchases and sales during the year ended December 31, 2014 90% Inventory and Purchases Sales Beginning 300 units @ $105/unit February 5: 200 units January 11:450 units @ $100/unit August 7: 200 units May 21 200 units @ $96/unit The units have a selling price of $125.00 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 Gulf Corp. 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 January 11. (b) The sale on August 7 Enter the transaction letter as the descnption 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 (le 15/Jan) General Journal Page GJS Date Account Explanation F Debit Credit