Accounting?

Ron's Company accounting records yield the following data for the year ended December 31, 2020. i (Click the icon to view the accounting records.) Required 1. Journalize Ron's Company's inventory transactions for the year in a perpetual system. Use December 31 as the transaction date. No explanations are necessary. 2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement. Requirement 1. Journalize Ron's Company's inventory transactions for the year in the perpetual system. The first transaction is the purchase of inventory. Record the entry. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry X Date Accounts Debit Credit Records December 31 Inventory: January 1, 2020 . ..$ 32,000 Purchases of inventory (on account) . . . . . . . . . . . . . . . . . 163,000 Sales of inventory - 65 percent on account; The next transaction is the sale of inventory. Record the entry. 35 percent for cash (cost $133,000) 231,000 Journal Entry Inventory at FIFO cost December 31, 2020 . . . . . . . . . . . . . . . . . . . . ? Date Accounts Debit Credit December 31 Print Done The last entry is recording the cost of inventory. Record the entry. Journal Entry Date Accounts Debit Credit