The Velor Inc. company has the following purchases and sales during the year ended December 31, 2014.

Inventory and Purchases

Sales

Beginning:	400 units @ $44/unit
February 4:	400 units @ $47/unit
October 19:	150 units @ $42/unit

August 15:	200 units
November 5:	300 units

The units have a selling price of $65.00 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 Velor 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 February 4, (b) The sale on November 5. 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).