10 points Make sure that you show your calculations. Normandy Company has collected the following inventory data prior to preparing financial statements for the month of October. All purchases and sales are on credit. Units Unit Cost Total Cost Sales Price 10/1 Inventory 30 $ 3 $ 90 10/6 Purchase 70 $ 4 $ 280 10/11 Purchase 45 $ 5 $ 225 10/16 Purchase 50 $ 6 $ 300 10/30 Purchase 100 $ 7 $ 700 Goods available 295 $ 1,595 10/12 Sale 10/20 Sale Goods sold 10/31 Inventory 40 60 100 195 10 $ 11 Assuming the periodic inventory system is used, determine the cost of the ending inventory and cost of goods sold using FIFO. Prepare the appropriate journal entries to record: (10 marks) (A) The October 6 purchase. (B) The October 12 sale. (C) The entries to close the October income statement items to Income Summary. (Assume that sales revenue and the elements of cost of goods sold are the only income statement items.)