Accounting records for Dundas Corporation yield the following data for the year ended December 31, 2036 Click the icon to view the accounting records) Requirements 1. Journalize Dundas inventory transactions for the your under the perpetual system 2. Report ending inventory, sales, cost of goods sold and gross proht on the appropinate financial statement Requirement 1. Journalize Dundas inventory transactions for the your under the perpetual system (Record debids first, the credits Explanations are not requared Leave unused cells blank Check your spelling carefully and do not abbreviato The first transaction is the purchase of inventory Record the entry Journal Entry Date Accounts Debit Credit December 31 The next transaction is the sale of inventory Record the entry (Do not record the cost related to the sale We do this in the next journal entry) Journal Entry Date Accounts Debit Credit December 31 Journal Entry Date Accounts Debit Credit December 31 The last entry is recording the cost of inventory. Record the entry Journal Entry Date Accounts Debit Credit December 31 Wccounting records Requirements 1. Journalice Dundas inventory transactions for the year under the perpetual system 2. Report ending inventory, sales, cost of goods sold and gross profit on the appropriate financial statement abbreviato) Requirement 2. Report ending inventory sales, cost of goods sold and gross profit on the approprato trancial statement (Check your spelling carefully and do not Report the appropriate account(s) on the balance sheet Balance Sheet Current assets Report the appropriate accounts) on the income statement Income Statement: Inventory, December 31, 20X5. $ 8,000 Purchases of inventory (on account) 47,000 Sales of inventory - 80% on account, 20% for cash (cost $41,000) 76,000 Inventory at FIFO, December 31, 20X6 14,000