Ontario, Inc.€™s inventory records for a particular development program show the following at January 31:

At January 31, eight of these programs are on hand. Journalize the following for Ontario, Inc:
1. Total January purchases in one summary entry. All purchases were on credit.
2. Total January sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Assume that Ontario, Inc., uses the FIFO inventory method.
3. Under FIFO, how much gross profit would Ontario, Inc., earn on these transactions? What is the FIFO cost of Ontario, Inc.€™s endinginventory?

= S 620 7 units @ 155 = S1.085 12 units @ 165= $1,980 Jan 1 Beginning inventory 4 units @ $155 26 Purchase