1. Dundas Company's inventory records for its retail division show the following at January 31: 1(Click the icon to view the accounting records.) At January 31, 10 of these units are on hand. Read the requirements. Requirement 1. Journalize for Dundas total January purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Date (2) (3) Accounts Date Requirement 2. Journalize for Dundas total January sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Dundas uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for January sales. Do not yet record the cost related to the sale. We will do this in the next journal entry. Journal Entry Accounts (5) (6) (7) (8) Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Accounts Debit The FIFO cost of ending inventory is Debit Credit Debit Credit Credit (9) (10) (11) (12) Requirement 3. Under FIFO, how much gross profit would Dundas earn on for the month ending January 31? What is the FIFO cost of Dundas Company's ending inventory? The gross profit earned on these transactions is

WClick the con to vew me sctevinting rectests At Jaruary 31.10 of these unts are on hand. Reod ve toovintrentio? Now recoed the erthy for the cost of inventery toid assuming FIFO The gross prohit eatrea ion tivese transactiont is The fiso cost of ending imertary is WClick the con to vew me sctevinting rectests At Jaruary 31.10 of these unts are on hand. Reod ve toovintrentio? Now recoed the erthy for the cost of inventery toid assuming FIFO The gross prohit eatrea ion tivese transactiont is The fiso cost of ending imertary is