Griffin Company’s inventory records for its retail division show the following at December 31:

At December 31, 11 of these units are on hand. Journalize the following for Griffin Company under the perpetual system:

1. Total December purchases in one summary entry. All purchases were on credit.

2. Total December sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Assume that Griffin uses the FIFO inventory method.

3. Under FIFO, how much gross profit would Griffin earn for the month ending December 31? What is the FIFO cost of Griffin Company’s ending inventory?

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9 units @ $165 5 units @ 166 Dec 1 Beginning inventory Purchase. $1,485 $ 830 $2,275 15 26 Purchase... 13 units @ 175 =