Challenge #3 Montoure Company uses a perpetual Inventory system. Prepare the journal entries for the following transactions Units Acquired Units Sold Date Activities at Cost at Retail Jan Beginning inventory 600 units $40 per unit Jan 10 Purchase 500 units $42 per unit 13 Purchase return -200 units $42 per unit 15 Sale 800 units @ $75 per unit 21 Purchase 700 units @ $46 per un 600 units 28 Sale $75 per unit Jan -100 units Jan 30 Sales return Totals 1.600 units 1,300 units Jan. 10 Purchased 500 units $42 per unit: 1/15, 1/30; FOB destination. Jan. 13 Returned 200 units from Jan. 10 purchase. Jan. 15 Sold 800 units e$75 per unit on account, 2/10, 1/30, FOB destination Jan. 16 Paid for shipping on January 15. sale, $300 cash. Jan. 19 Paid for Jan. 10 purchase net of return. Jan. 21 Purchased 700 units @ $46 per unit: 1/15, 1/30 Jan. 25 Received payment from January 15th. Sold 600 units @ $75 per unit for cash. Jan. 30. Received customer return of 100 units from Jan. 28 sale. Ending Inventory under FIFO units@ $40 1 units@ $42 300 units@ $46 Ending Inventory under LIFO top units@ $40 units@ $42 200 units@ $46 Record the journal entries using LIFO (include explanationa). Jan 21 Jan 25 LIFO Post the journal entries below (be sure to include the post reference in the journal). 1600 Cash #101 Accounts Payable 1200 3,000 #110 Common Stock #300 Accounts Recievable Sales Returns & Allowances 4410 5.000 Sales Discounts 3420 Retained Earnings 3310 Merchandise Inventory #120 24,000 22.000 Cost of Goods Sold 4500 Delivery Expense Montoure Company Income Statement(Partial-LIFO) For the Month Ended January 31, 2019 Revenue: Less: Gross Profit Rate If the weighted average cost flow method had been used, what is the average cost per unit on Jan 217