Question: 5 Paragraph Question 2 - (10 Marks) A company that uses a perpetual inventory system made the following cash purchases and sales: Jan. 1 -

5 Paragraph Question 2 - (10 Marks) A company that uses a perpetual inventory system made the following cash purchases and sales: Jan. 1 - Purchased 100 units at $10 per unit Feb. 5 - Purchased 60 units at $12 per unit Mar. 1 - Sold 40 units at $ 16 per unit. a) Present general journal entries to record the sale assuming the First-in First-out (FIFO) inventory valuation method is used: (Show Calculations) Account Debit Date Credit Part B: Quantum Company earned $65,000 and paid dividends of $8,000 to preferred shareholders. Quantum had 6,000 common shares outstanding and 4,000 preferred shares outstanding. Calculate the earnings per share for the year ending December 31, 2020. (Show Calculations

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