1 of 16 (2 complete) X Requirements Journalize the following for Ontario Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit 2. Total May sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit Assume that Ontario uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Ontario earn on for the month ending May 31? What is the FIFO cost of Ontario Company's ending inventory? Print Done LA the perpetual system The sellir The sellin the 1 Data Table - X Ery. May 1 May 15 May 26 Beginning inventory 9 units @ $165 = $1,485 Purchase 5 units @ $166 = $830 Purchase 13 units @ $175 = $2,275 Print Done Ontario Company's inventory records for its retail division show the following at May 31. (Click the icon to view the accounting records) At May 31, 11 of these units are on hand Read the requirements This Question: 1 pt 1 of 16 (2 complete) Ontario Company's inventory records for its retail division show the following at May 31 Click the icon to view the accounting records) At May 31, 11 of these units are on hand Read the coquirements Requirement 1. Journalize for Ontario total May purchases in one summary entry, under the perpetual system All purchases were on credit (Recom Journal Entry Date Accounts Debit Credit Requirement 2. Journalize for Ontario total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price debits first, then credits. Exclude explanations from any journal entries) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Ontario Company's inventory records for its retail division show the following at May 31 Click the icon to view the accounting records Al May 31, 11 of these units are on hand Read the requirements Now record the entry for the cost of inventory sold assuming FIFO Journal Entry Date Accounts Debit Credit Requirement 3. Urider FIFO, how much gross profit would Ontano earn on for the month ending May 317 What is the FIFO cost of Ontario Company's ending inventory? The gross profitered on these transactions is The FIFO cost of ending inventory Choose from any list or enter any number in the input fields and then continue to the next