Ly Assignment 4 (Question 3) ~ Lyryx Learning Inc - Personal - Microsoft Edge X https://lifa1.lyryx.com/student-servlets/LabServlet?ccid=11209 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: 300 units @ $24/unit May 24: 100 units March 13: 200 units @ $25/unit December 22: 300 units August 21: 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 March 13, (b) The sale on December 22. 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 GJ8 Date Account/Explanation F Debit Credit + - + - + - Official Time. 2.27.41 SUBMIT AND MARK SAVE AND CLOSE A B ENG 2:28 AM US 2021-11-21