Longmeadow Inc. inventory records for a particular development program show the following at January 31, 2020:

LOADING...

(Click the icon to view the accountingrecords.)

At January 31, 8 of these programs are on hand. Longmeadow uses the perpetual inventory system.

Required

1.

Journalize for Longmeadow:

a.

Total January purchases in one summary entry. All purchases were on credit.

b.

Total January sales and cost of goods sold in two summary entries. The selling price was $600 perunit, and all sales were on credit. Longmeadow uses the FIFO inventory method.

2.

UnderFIFO, how much gross profit would Longmeadow earn on thesetransactions? What is the FIFO cost of Longmeadow's endinginventory?