Accounting records for Joshs Shopping Bags yield the following data for the year ended May 31, 2012:Inventory, May 31, 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000Purchases of inventory (on account). . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000Sales of inventory 81% on account; 19% for cash (cost $38,000). . . 76,000Inventory, May 31, 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Requirements1. Journalize the inventory transactions for the company using the data given.2. Report ending inventory on the balance sheet, and sales, cost of goods sold, and gross profit on the income statement.
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