Ly Assignment 4 (Question 3) - Lyryx Learning Inc - Google Chrome lifa1.lyryx.com/student-servlets/LabServlet?ccid=11327 The United Corporation company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 140 units @ $21/unit Sales February 14: 40 units October 30: 200 units X The units have a selling price of $30.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by United Corporation using the FIFO system. March 27 150 units @ $22/unit May 5: 250 units @ $21/unit Cost of Goods Sold Ending Inventory Gross Profit FIFO 678 b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on May 5, (b) The sale on October 30. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions Dates must be entered in the format dd/mmm (ie 15/Jan). Date General Journal Account/Explanation F Debit Page GJ8 Credit + Type here to search 100 O O 17:43 8 22C Mostly cloudy 4) ENG 25-07-2022