Inventory records for Julle Company revealed the following:DateUnit CostMarch 1 Beginning Inventory$ 7.20March 18Purchase6007.25March 16Purchase8007.30March 23 Purchase6007.35Julle sold 2.300 units of inventory during the month. Ending inventory assuming LIFO would be:Show Transcribed TextNo1Transaction26. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first accountfield.)Dateperpetual inventory system.January 22 Receive $580,000 from customers on accounts receivable.January 24 Pay $410,000 to inventory suppliers on accounts payable.January 27 Write off accounts receivable as uncollectible, $2,500.January 31 Pay cash for salaries during January, $128,000.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 areexpected to sell in February for only $100 each. (Hint: Determine the number of units remaining from January 12 aftersubtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.]b. The company records an adjusting entry for $3,000 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 $12,300.January 31, 2024 Sales RevenueNumber ofUnits1,000Retained EarningsJanuary 31, 2024 Retained EarningsInterest ExpenseJShow Transcribed TextAnswer is not complete.General JournalLandAccounts PayableNotes Payable (8%, due in 3 years)Common StockRetained EarningsTotals3CDebit$ 21,90036,500OO30,00061,600OOCDebit600,0005.070On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:AccountsCreditCashAccounts ReceivableAllowance for Uncollectible Account'sInventory$ 3,10032,40030,00056,00028,500$ 150,000 $ 150,0000January 3 Purchase 1,200 units for $126,000 on account ($105 each).January 8 Purchase 1,300 units for $143,000 on account ($110 each).Purchase 1,400 units for $161,000 on account ($115 each).January 12January 15January 19Credit000,000The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2024, Big BlastFireworks had the following inventory transactions:January 22 Receive $580,000 from customers on accounts receivable.January 24 Pay $410,000 to inventory suppliers on accounts payable.January 27 Write off accounts receivable as uncollectible, $2,500.January 31 Pay cash for salaries during January, $128,000.The following information is available on January 31, 2024.200 ->Return 100 of the units purchased on January 12 because of defects.Sell 4,000 units on account for $600,000. The cost of the units sold is determined using a FIFOperpetual inventory system.

As per LIFO method of inventory, the material recived last will be issued first.

Inventory records for Julie Company revealed the following: Number of Units 1,000 600 800 600 Date March 1 Beginning Inventory March 18 Purchase March 16 Purchase March 23 Purchase Julle sold 2.300 units of inventory during the month. Ending inventory assuming LIFO would be: Show Transcribed Text No Transaction 1 2 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) perpetual inventory system. January 22 Receive $580,000 from customers on accounts receivable. January 24 Pay $410,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,500. January 31 Pay cash for salaries during January, $128,000. 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 $3,000 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 $12,300. Date January 31, 2024 Sales Revenue Retained Earnings Unit Cost $7.20 7.25 7.30 7.35 January 31, 2024 Retained Earnings Interest Expense Show Transcribed Text Answer is not complete. General Journal 3 C Debit $ 21,900 36,500 O O 30,000 61,600 O O C Debit 600,000 5.070 On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Account's Inventory Land Accounts Payable Notes Payable (8%, due in 3 years). Common Stock Retained Earnings Totals $ 3,100 32,400 30,000 56,000 28,500 $ 150,000 $ 150,000 Credit January 3 Purchase 1,200 units for $126,000 on account ($105 each). January 8 Purchase 1,300 units for $143,000 on account ($110 each). 600,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: 200 January 12 Purchase 1,400 units for $161,000 on account ($115 each). January 15 Return 100 of the units purchased on January 12 because of defects. January 19 January 22 Receive $580,000 from customers on accounts receivable. January 24 Pay $410,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,500. January 31 Pay cash for salaries during January, $128,000. The following information is available on January 31, 2024. Sell 4,000 units on account for $600,000. The cost of the units sold is determined using a FIFO perpetual inventory system.