Question: The answer is 120. Please show your work on how to get the answer. Based on journal entries below for 2015 and 2016, what is

The answer is 120. Please show your work on how to

The answer is 120. Please show your work on how to get the answer.

Based on journal entries below for 2015 and 2016, what is the Retained Earning in 2016? Apply FIFO. 2015 2016 You contributed $60 cash to your You contributed $100 cash to start business business You purchased 2 products @ $15, You purchased 6 products @ $10, with Cash with A/P You sold 3 products @ $25 with AR You sold 4 products @$30 with cash Record COGS (FIFO) Record COGS (FIFO) You paid $30 to your supplier. You received $50 from your customer. 140 120

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