Blue Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Blue uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Date Explanation Units Unit Cost Price Apr. 1 Beginning inventory 50 $80 Purchases 110 88 8 Sales (130 ) $123 15 Purchases 120 72 20 Sales (120 ) 105 27 Purchases 20 60 Prepare all journal entries for the month of April for Blue. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 No Entry No Entry 6 Inventory 9680 Cash 9680 8 Cash Sales (To record sales) 8 Cost of Goods Sold Inventory (To record cost of goods sold) 15 Inventory Cash 20 Cash Sales (To record sales) 20 Cost of Goods Sold Inventory (lo record the inventory sold) 27 Inventory Cash