On January $1,2024,$ the general ledger of Big Blast Fireworks includes the following account balances:

The $$32,000$ beginning balance of inventory consists of $320$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had

the following inventory transactions:

January $3$ Purchase $1,100$ units for $$117,700$ on account $($ $$107$ each$).$

January $8$ Purchase $1,200$ units for $$134,400$ on account $($ $$112$ each$).$

January $12$ Purchase $1,300$ units for $$152,100$ on account $($ $$117$ each$).$

January $15$ Return $110$ of the units purchased on January $12$ because of defects.

January $19$ Sell $3,700$ units on account for $$555,000$ The cost of the units sold is determined using a FIF$0$ perpetual

inventory system.

January $22$ Receive $$533,000$ from customers on accounts receivable.

January $24$ Pay $$363,000$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $$2,700.$

January $31$ Pay cash for salaries during January, $$116,000.$

The following information is available on January $31,2024.$

a$.$ At the end of January, the company estimates that the remaining units of inventory purchased on January $12$ are expected to sell in

February for only $$100$ each. $[$Hint: Determine the number of units remaining from January $12$ after subtracting the units returned on

January $15$ and the units assumed sold $($FIFO$)$ on January $19.]$

b$.$ The company records an adjusting entry for $$3,510.$ for estimated future uncollectible accounts.

c$.$ The company accrues interest on notes payable for January. Interest is expected to be paid each December $31.$

d$.$ The company accrues income taxes at the end of January of $$12,500.$

Requirement:

Record each of the transactions listed above in the 'General Journal' tab $($these are shown as items $1$ to $10)$ assuming a

FIFO perpetual inventory system. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the

transactions on the account balances.

Record adjusting entries on January $31.$ in the 'General Journal' tab $($these are shown as items $11$ to $14).$

Review the adjusted 'Trial Balance' as of January $31,2024,$ in the 'Trial Balance' tab.

Prepare a multiple$-$step income statement for the period ended January $31,2024,$ in the 'Income Statement' tab.

Prepare a classified balance sheet as of January $31,2024,$ in the 'Balance Sheet' tab.

Record the closing entries in the 'General Journal' tab $($these are shown as items $15$ and $16).$

Using the information from the requirements above, complete the 'Analysis' tab.