Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: UnitsPer unit priceTotal Balance, 1/1/18200$5.00$1,000 Purchase, 1/15/181005.30530 Purchase, 1/28/181005.50550

An end of the month (1/31/13) inventory showed that 140 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

a. 1220

b. 1282

c. 1838

4. 1900

During march, the business engaged in the following transactions: a. borrowed $45,000 from the bank and signed a note payable in the name of the business. b. paid cash of $40,000 to acquire land. c. performed service for a customer and received cash of $5,000. d. purchased supplies on account, $300. e. performed customer service and earned revenue on account, $2,600. f. paid $1,200 on account. g. paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. h. received $3,100 on account. i. received a $200 utility bill that will be paid next week. j. paid cash dividends of $1,800. required: 1.) prepare journal entries for each transaction. enter journal entries by the transaction letter. 2.) prepare the trial balance of my motors, inc. at march 31, 20xx. 3.) prepare financial statements for my motors, inc. for the period ending march 31, 20xx. (income statement and balance sheet)