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Read the requirements. 0 Requirements sad Exd tory bit 1. Make summary journal entries to record the store's transactions for the year ended January 31, 2018. Fun Buy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. 2. Prepare a T-account to show the activity in the Inventory account. 3. Prepare the store's income statement for the year ended January 31, 2018. Show totals for gross profit, income before tax, and net income. Print Done Debit Credit then continue to the next question. Data Table X RE $ 1,530,000 Jul (30,000 units at $51) Nov (50,000 units at $55) 2,750,000 3,660,000 Dec (60,000 units at $61) Total purchases. $ 7,940,000 Print Done Fun Buy Company purchases inventory in crates of merchandise, each crate of inventory is a unit. The fiscal year of Fun Buy ends enth January 31. Assume you are dealing with a single Fun Buy More in Jackson, Mississipl. The Jackson store began the year with an inventory of 17.000 units that conta of 5001,000. During the year, the store purchased merchandise on account as follows (Click the con to view the purchases) Cash payments on accounted $7.612,000. During focal year 2018, the store sold 150.000 units of merchandise for $15.375.000, of which 5.300.000 was for cash and the balance was on account Fun Buy and all of its stores use the average cost method for more. The Jacksonore's operating expenses for the you were $1.000.000. I paid 70% In cash and mored the more lates. The store scored income tax at the rate of 3% Read the more Requirement 1. Make summary journal entries to record the store's transactions for the year anded January 31, 2018. Fun Buy and alofts are use a perpetuo inventory system. Round rape cost per un to decimal places and round all other amounts to the nearest dollar. (Record debits first, then credits. Exclude explanation from any oumanie) Let's start with the entry to record the purchases on account. Joumal Entry Date Accounts Debit Credit Jan 31 Next, record the cash payments on account for $7,612.000 Journal Entry Date Accounts Debe Credit Choose from any list or enter any number in the input fields and then continue to the next question Next, record the cash payments on account for $7,612,000. Journal Entry Date Accounts Debit Credit Jan 31 Now record the sale of merchandise for $15,375,000, of which $5,300,000 was for cash and the balance was on account. (Do not record the cost related to the Journal Entry Accounts Date Debit Credit Jan 31 Choose from any list or enter any number in the input fields and then continue to the next question. e accrued income tax S Read the requirements Now record the sale of merchandise for $15,375,000, of which $5,300,000 was for cash and the balance was on account. (Do not record the cost related to the sale. We will do this in the next journal entry) Journal Entry Date Accounts Debit Credit Jan 31 Record the cost related to the sale of merchandise. (Round unit costs to the nearest cont. Round your answer to the nearest whole dolar) Journal Entry Date Accounts Debit Credit Jan 31 Now record the $3,000,000 operating expenses for the year. Fun Buy paid 70% in cash and socrued the rest as accrued abilities. (Round your final answers to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Jan 31 Finally, record the entry to accrue income tax (Round your final answers to the nearest whole dollar) Journal Entry Accounts Debit Credit Jan 31 Date Requirement 2. Prepare a Taccount to show the activity in the Inventory account Post the beginning balance and activity to the T-account and calculate the ending inventory balance. (Abbreviations used: Beg Bal Beginning Balance COGS = Cost of Goods Sold, End Bal - Ending Balanc Inventory Requirement 3. Prepare the store's income statement for the year ended January 31, 2018 Show totals for gross profit, income before tax and net income Fun Buy Store in Jackson Income Statement Year Ended January 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 3. Prepare the store's income statement for the year ended January 31, 2018. Show totals for gross profit, income before tax and net income. Fun Buy Store in Jackson Income Statement Year Ended January 31, 2018 Net income (loss) Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements. 0 Requirements sad Exd tory bit 1. Make summary journal entries to record the store's transactions for the year ended January 31, 2018. Fun Buy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. 2. Prepare a T-account to show the activity in the Inventory account. 3. Prepare the store's income statement for the year ended January 31, 2018. Show totals for gross profit, income before tax, and net income. Print Done Debit Credit then continue to the next question. Data Table X RE $ 1,530,000 Jul (30,000 units at $51) Nov (50,000 units at $55) 2,750,000 3,660,000 Dec (60,000 units at $61) Total purchases. $ 7,940,000 Print Done Fun Buy Company purchases inventory in crates of merchandise, each crate of inventory is a unit. The fiscal year of Fun Buy ends enth January 31. Assume you are dealing with a single Fun Buy More in Jackson, Mississipl. The Jackson store began the year with an inventory of 17.000 units that conta of 5001,000. During the year, the store purchased merchandise on account as follows (Click the con to view the purchases) Cash payments on accounted $7.612,000. During focal year 2018, the store sold 150.000 units of merchandise for $15.375.000, of which 5.300.000 was for cash and the balance was on account Fun Buy and all of its stores use the average cost method for more. The Jacksonore's operating expenses for the you were $1.000.000. I paid 70% In cash and mored the more lates. The store scored income tax at the rate of 3% Read the more Requirement 1. Make summary journal entries to record the store's transactions for the year anded January 31, 2018. Fun Buy and alofts are use a perpetuo inventory system. Round rape cost per un to decimal places and round all other amounts to the nearest dollar. (Record debits first, then credits. Exclude explanation from any oumanie) Let's start with the entry to record the purchases on account. Joumal Entry Date Accounts Debit Credit Jan 31 Next, record the cash payments on account for $7,612.000 Journal Entry Date Accounts Debe Credit Choose from any list or enter any number in the input fields and then continue to the next question Next, record the cash payments on account for $7,612,000. Journal Entry Date Accounts Debit Credit Jan 31 Now record the sale of merchandise for $15,375,000, of which $5,300,000 was for cash and the balance was on account. (Do not record the cost related to the Journal Entry Accounts Date Debit Credit Jan 31 Choose from any list or enter any number in the input fields and then continue to the next question. e accrued income tax S Read the requirements Now record the sale of merchandise for $15,375,000, of which $5,300,000 was for cash and the balance was on account. (Do not record the cost related to the sale. We will do this in the next journal entry) Journal Entry Date Accounts Debit Credit Jan 31 Record the cost related to the sale of merchandise. (Round unit costs to the nearest cont. Round your answer to the nearest whole dolar) Journal Entry Date Accounts Debit Credit Jan 31 Now record the $3,000,000 operating expenses for the year. Fun Buy paid 70% in cash and socrued the rest as accrued abilities. (Round your final answers to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Jan 31 Finally, record the entry to accrue income tax (Round your final answers to the nearest whole dollar) Journal Entry Accounts Debit Credit Jan 31 Date Requirement 2. Prepare a Taccount to show the activity in the Inventory account Post the beginning balance and activity to the T-account and calculate the ending inventory balance. (Abbreviations used: Beg Bal Beginning Balance COGS = Cost of Goods Sold, End Bal - Ending Balanc Inventory Requirement 3. Prepare the store's income statement for the year ended January 31, 2018 Show totals for gross profit, income before tax and net income Fun Buy Store in Jackson Income Statement Year Ended January 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 3. Prepare the store's income statement for the year ended January 31, 2018. Show totals for gross profit, income before tax and net income. Fun Buy Store in Jackson Income Statement Year Ended January 31, 2018 Net income (loss) Choose from any list or enter any number in the input fields and then continue to the next