After completing the journal entries, you will now compute the COGS for the purchasing and sales of the coats. You have been given an inventory ledger in the excel templates to post to. Use LIFO (last in first out) to do your computations. Remember to take the numbers you computed and put them in the journal. After putting in all the required numbers, post them to the appropriate ledger.

Please answer all parts COGS chart, Journal General and ledger, TIA

Date	Transaction
July 1	The owner invested $100,000 cash into the business.
July 2	Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value.
July 5	Purchased 20 coats at $50 each term 2/10, n/30.
July 9	Paid $200 for the shipping of the coats on July 5th.
July 11	Purchased another 10 coats at $60 each term 2/10, n/30.
July 15	Paid the rent of $2000.
July 15	Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project.
July 16	Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 22	Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 24	Bob returned 1 coat that was damaged and we gave him credit on his account. Could not be restocked.
July 26	Bob paid his bill within the discount period.
July 31	Paid electric bill $100.

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I As per given condition solving all parts as follows Journal Enteries In the Books Date 1Jul 2Jul 5... View the full answer