Journalize for griffin total december sales and cost of goods sold in two summary entries, under the perpetual system. the selling price was $ 500 per unit and all sales were on credit. assume that griffin uses the fifo inventory method. (record debits first, then credits. exclude explanations from any journal entries.) let's start by recording the entry for december sales. do not yet record the cost related to the sale. we will do this in the next journal entry. journal entry date accounts debit credit accounts receivable 8,000 sales revenue 8,000

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: