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Additional Problem 1 (Part Level Submission) Oriole Manufacturing Inc. shipped merchandise with a total value of...

Additional Problem 1 (Part Level Submission) Oriole Manufacturing Inc. shipped merchandise with a total value of $62,000 to FFA Retailing Ltd. on May 1. The agreement between the two companies was that FFA was to sell the product on consignment for Oriole Manufacturing. Oriole incurred $4,700 in shipping costs in order to ship the merchandise. FFA paid a local newspaper $1,700 for advertising costs (which Oriole promised to reimburse). At September 30, the end of the accounting year for both companies, FFA had sold 70% of the merchandise for total sales of $68,000. FFA notified Oriole of the sales, retained a 20% commission, and remitted the cash due to Oriole. Collapse question part (a) Prepare the journal entries required by the above transactions on the books of Oriole Manufacturing. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record shipped merchandise.) 2. (To record shipping costs.) 3. (To record year end sales entry.) 4. (To record year end cost of goods.)

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