A May 31,16 af there unats are on hand primal entinins? Data table Requirements Journalize the following for McKinley 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 $550 per unit, and all sales were on credit. Assume that McKinley uses the FIFO inventory method. 3. Under FIFO, how much gross profit would McKinley earn on for the month ending May 31? What is the FIFO cost of McKinley Company's ending inventory