Use the Following Information to Answer the Questions Below (show your work) Our Business uses a Perpetual FIFO Inventory Valuation System

1. On Jan 1, Our Business received a $99,000 investment of cash from the Owners.

2. On Jan 5, Our Business Bought 300 Bikes for $60 each, total of $18,000 with a check.

3. On Jan 10 Our Business Bought 300 Bikes for $80 each, total of $24,000 on Account.

4. On Jan 15, Our Business paid January Rent in the Amount of $5,000 with Checks

5. On Jan 25 Our Business Sold 400 Bikes to the Gilroy Bike Group for $150 each, total of $60,000 on account.

6. On Jan 30 Our Business Recorded January Salaries of $7,000 to be Paid on 10^th of Next Month

7. On Jan 31 Our Business Paid $3,000 to the Owners of the Business

Compute the Ending Inventory Balance in UNITS at Jan 31= __________________________

Compute The Ending Inventory Dollar Balance at Jan 31 = ___________________________

Compute the Gross Profit for the Month = ________________________________________

Compute the Net Income for the Month = ______________________________________

Compute the Ending Retained Earnings Balance at Jan 31= ______________________

Compute the Ending Total Assets = _________________________________________________

Compute the Ending Total Liabilities = _____________________________________

Compute the Ending Total Owners Equity =_______________________________________