Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December for one of the items the company sells: Activity Units Purchase Price (per unit) Sale Price (per unit) 10 $6.00 Beginning inventory Purchase 1, Dec. 2 22 6.80 Purchase 2, Dec. 5 26 7.50 Sale 1, Dec. 7 19 $12.00 Sale 2, Dec. 10 25 12.00 Purchase 3, Dec. 12 12 8.00 Sale 3, Dec. 14 20 12.00 Anderson's uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. If required, round your answers to the nearest cent. Cost of goods sold 500.6 X Cost of ending inventory 48 2. Compute cost of goods sold and the cost of ending inventory using the weighted average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest penny.) Cost of goods sold 455.9 Cost of ending inventory 44.7 3. Prepare the journal entries to record these transactions, assuming Anderson's chooses to use the FIFO method. If required, round your answers to the nearest cent. Dec. 2 Inventory 149.6 Cash 149.6 (Purchased inventory) Dec. 5 Inventory 195 Cash 195 (Purchased inventory) Dec. 7 Cash 228 Sales Revenue 228 (Recorded cash sales to customers) Dec. 7 Cost of Goods Sold 228 Inventory 228 X (Recorded cost of goods sold) Dec. 10 Cash 300 Sales Revenue 300 (Recorded cash sales to customers) Dec. 10 Cost of Goods Sold 300 X Inventory 300