(Solved): Prepare the FIFO inventory worksheet to determine the cost if goods sold and ending inventory result ...

a. Prepare the FIFO inventory worksheet to determine the cost of goods sold and ending inventory resulting from the inventory purchases and sales noted in the transactions above. You will need the cost of goods sold from the worksheet to complete the journal entry for the sales on December \( 14^{\text {th }} \) and \( 29^{\text {th }} \). HINT: Be sure you research how to properly account for the freight costs in the purchase transactions. In this case, the cost of the freight is included in the same transaction as the merchandise purchases. Be sure to use the FIFO inventory costing method llowing transactions happen during the month of December, 2023: 1 You paid the November interest owing on the bank loan. You issued cheque \#317. 2 You collected \( \$ 750 \) cash from a customer, on account, to whom you had previously sold a juicing machine. 9 You paid the November 30 balance of accounts payable. You issued cheque \#318. 11 You purchased, on account, 3 more juicing machines for \( \$ 675 \) each (excluding freight). The purchase invoice also included a \( \$ 65 \) freight charge for the cost of transporting the machines from the vendor to your place. NOTE: Since you will use the FIFO cost-flow assumption, you should make a "FIFO Inventory Record" (See textbook illustration 6.5) for your Juicing Machine inventory. 12 You buy \( \$ 205 \) of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account. 14 You sold, on account, 2 juiding machines to Bill's Fitness for \( \$ 950 \) each. You will use the FIFO method of recording inventory transactions. 21 You make and deliver a batch of juice drinks to Fred's Yoga Studio and you issue a sales invoice of \( \$ 425 \). The invoice is payable in 30 days. 23 You paid the amount owing on the December 11 purchase. You issued cheque \( \# 319 \). 27 You purchased, on account, 2 more juicing machines for \( \$ 685 \) each (excluding freight). The purchase invoice also included a sss freight charge for the cost of transporting the machines from the vendor to your place. 28 You paid \( \$ 115 \) cash for repairs done to some equipment. You issued cheque H320. 29 You sold, on account, 4 juicing machines to the owners of City Contemporary Dance Studio (Remember that freight is part of inventory). The selling price of each machine was \( \$ 950 \). 30 You received a \( \$ 105 \) e-bill for your business cell phone service for December and you paid it immediately. You issued cheque \( \# 321 \). 31 You collected the full amount from the customer who purchased juicing machines on on Dec. 14. 31 You paid a casual worker \( \$ 95 \) cash for wages for work done in December. You issued cheque \( \pi 322 \). It is now the end of November 2023 and your business is growing quickly and the results have been quite successful. Your business has purchased more equipment. It has also added another revenue stream: selling juicing machines to the public. You have a friend at Morton Manufacturing that has agreed to sell you high-quality juicing machines at a wholesale price so you can sell them to the public at a profit. The business has the following trial balance as at November 30,2023 (also available in Excel template): Name of Your Business Adjusted Trial Balance November 30, 2023 Notes: - The \( \$ 3,325 \) merchandise inventory balance is comprised of 5 juicing machines that cost \( \$ 665 \) each. - The notes payable is to the bank and interest is paid on the 1st day of each month fie. expensed and accrued at the end of each month, then paid the following day). - You paid off the loan to your mother early in 2023.