Chronic Inc. sells shovels. Information about the company's purchases and sales of the shovels in the...

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Chronic Inc. sells shovels. Information about the company's purchases and sales of the shovels in the month of March follow: Units and unit Date purchase cost Units and unit sales price March 1 Beginning inventory 20 units @$16 March 12 Sale 12 units @ $30 March 14 Purchase 35 units @ $17 March 27 Sale 19 units @ $31 Required: a. The business uses a perpetual inventory system. Determine the dollar amount to be assigned to the ending inventory and to cost of goods sold using the first-in, first-out (FIFO) costing method. Show and label your calculations.(7 marks) b. Using information from your answer in a), complete the journal entry for the March 12 sale on account to Dogs Co., in the General Journal provided below. (2 marks) Chronic Inc. sells shovels. Information about the company's purchases and sales of the shovels in the month of March follow: Units and unit Date purchase cost Units and unit sales price March 1 Beginning inventory 20 units @$16 March 12 Sale 12 units @ $30 March 14 Purchase 35 units @ $17 March 27 Sale 19 units @ $31 Required: a. The business uses a perpetual inventory system. Determine the dollar amount to be assigned to the ending inventory and to cost of goods sold using the first-in, first-out (FIFO) costing method. Show and label your calculations.(7 marks) b. Using information from your answer in a), complete the journal entry for the March 12 sale on account to Dogs Co., in the General Journal provided below. (2 marks)