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 Courtland Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 190 units @ $50/unit February 25: 90 units March 25: 150 units @ $46/unit September 24: 200 units July 13: 150 units @ $48/unit The units have a selling price of $55.00 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 Courtland 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 25, (b) The sale on September 24. 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 + - + - A B ENG 8:43 PM US 2021-11-21