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Fit for Life (FFL) operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December 31. FFL adjusts its records only at year-end an. 6 Purchased and reccived 50 nutritional bars for $95, n/45 Jan. 8 FFL sold 60 nutritional bars to Big Jim for $404 cash, which includes $38 of sales tax Apr. 30 FFL received $56,400 from Commerce Bank after signing a 24-month, 4 percent, promissory note Aug. 31 FFL signed a 6-month contract to sublease a portion of its building. FFL also received a $16,200 check for six months, rent Dec. 30 FFL paid employees net pay through December 31, using direct deposits totaling $3,600, for 250 total hours at a $18 hourly wage. The company had withheld FICA of $330, United Way contributions of $160, and income tax of $410 Dec. 31 FFL adjusted the accounts at year-end, relating to (a) employer payroll taxes, including FICA and $170 of unemployment taxes, (b) interest, and (c) rent. Required: 1. Calculate the cost of goods sold on January 8, assuming FFL began the year with an inventory of 50 nutritional bars at a unit cost of $1.80 ($90 total cost), had no other inventory transactions prior to January 6 and 8, and reports its inventory costs using FIFO 2. For each of the above dates, prepare the required journal entries (using a perpetual inventory system) and the adjusting journal entries Complete this question by entering your answers in the tabs below Required 1Required 2 For each of the above dates, prepare the required journal entries (using a perpetual inventory system) and the adjusting journal entries. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 123 4 5 678 9 Record the purchase of inventory for $95 Note: Enter debits before credits. Date General Journal Debit Credit Jan 06 Record entry Clear entry View general journal Required 1 Required 2

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