Ly Assignment 4 (Question 3) ~ Lyryx Learning Inc - Google Chrome lifa1.lyryx.com/student-servlets/LabServlet?ccid=11209 X Question 3 [14 points] The Holden Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 320 units @ $26/unit February 27: 120 units March 18: 200 units @ $27/unit November 29: 300 units September 25: 400 units @ $26/unit The units have a selling price of $35.00 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 Holden Corp. using the FIFO system. FIFO Cost of Goods Sold Ending Inventory Gross Profit b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on September 25, (b) The sale on November 29. 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). General Journal Page GJB Dato Account/Explanation F Debit Credit