Big Fish Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 11 of these units are on hand. Read the requirements. Requirement 1. Journalize for Big Fish total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Big Fish Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) Al May 31, 11 of these units are on hand Read the requirements Requirement 2. Journalize for Big Fish total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Big Fish uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next joumal entry. Joumal Entry Accounts Date Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Accounts Date Debit Credit Requirement 3. Under FIFO, how much gross profit would Big Fish earn on for the month ending May 31? What is the FIFO cost of Big Fish Company's ending inventory? The gross profit earned on these transactions is $ The FIFO cost of ending inventory is $ Data Table X i 9 units @ $ 165 = $ 1,485 May 1 Beginning inventory 15 Purchase .. 5 units @ 166 = $ 830 26 Purchase 13 units @ 175 = $ 2,275 Print Done