You are auditing Martha$$s Prison Clothes Incorporated as of December $31,2023.$ The inventory for orange jumpsuits shows $1,263$ suits at $$782$ for a total of $$987,666.$ When you look at the invoices for the jumpsuits, you see the following:

Inventory Number Date Quantity Unit Price Total

$1273211/22/231,000$ $ $765$ $ $765,000$

$1284412/03/23800777621,600$

$1290512/28/23600782469,200$

Required:

Determine the adjusting entry, if any, for the cost of inventory at December $31,2023$ assuming the FIFO method of inventory pricing.

Determine the adjusting entry, if any, for the cost of inventory at December $31,2023$ assuming the FIFO method of inventory pricing if you saw a sale posted on January $9,2024$ for $500$ suits at a net amount of $$750?$