The Ludwig Inc company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases The units have a selling price of $130.00 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 Ludwig Inc using the FIFO system Beginning 300 units @ $91/unit March 12 200 units @ $93/unit October 3 100 units @ $86/unit Sales July 20 200 units November 17: 300 units 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 March 12, (b) The sale on November 17 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) Date +1 + T F FIFO General Journal Account/Explanation Page GJ8 F Debit Credit