A merchandising company had the following transactions during December. The company uses EIFO perpetual inventory system. All units sell for $20 each. The company uses the following accounts: Cash, Accounts Receivable, Inventory, Account lPayable, Sales Revenue, Cost of Good Sold.

A merchandising company had the following transactions during December. The company uses Fifo perpetual inv system. All units sell for $20 each. The company uses the following accounts: Cash, Accounts Recelvable, Irverito Payable, Sales Revenue, Cost of Good Sold. Required: Complete the following requirements on a separate piece of paper. Use the blank journal entry grid if Otherwise, make 4 column and label them Date, Account Title, Debit and Credit. OMIT EXPLANATIONS (DESC 1. Prepare journal entries for the above transactions. 2. Determine the units, cost per unit of the units, and total cost of ending inventory