Assume that our records include the following two LIFO inventory cost pools: Units Cost/Unit BOQ 840 Purchase #1 1,120 1,960 At the beginning of the quarter (BOQ), we report 840 units on hand at a cost of $30 per unit. During the quarter, we sell 1,400 units at $65/unit for cash. Assume that we expect to increase our quantities of inventories on hand by year-end by the purchase of inventories at a cost of $45. a. Compute the gross profit we should recognize on the sales during the quarter. Gross Profit $ 0 b. Prepare the required journal entries to record the sales. General Journal Sales $30 $40 Cost of goods sold Inventory Description Description Debit 0 0 0 0 0 Debit c. What adjusting entry will be required at year-end if the planned replacement of the inventories does not occur? General Journal Credit 0 0 0 0 0 0 0 Credit 0 0