A. (35 pts.) Travers Co. had the following credit purchases of casual hats, its only product in December 2012. Travers Co. sold 24 hats on credit on December 24th. Date Dec. 1 Description Beginning Inventory Units Cost/Unit Total Cost 12 $22 $264 Dec. 22 Purchase 18 $23 $414 Dec. 28 Totals Purchase 22 $28 $616 52 $1,294 Required: 1. Calculate the cost of goods sold using a Last-in-First-Out periodic inventory system. 2. Prepare the journal entry to record the following under the assumptions of (1). a. Purchase of hats on December 22nd. b. Sales of hats on December 24th. 3. Calculate the cost of goods sold using a Last-in-First-Out perpetual inventory system