Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the inventory and cost of goods sold accounts.

Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $41,800. During the month of October. DL had the following inventory-related transactions: Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL. used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, eg. 50.25 and all other answers to the nearest whole dollar, eg 5,275 ) Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manuaily. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts)