Concord Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Concord uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Prepare all journal entries for the month of April for Concord. (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. 5,275.25. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) April 20 Cost of Goods Sold Inventory (To record the inventory sold) April 27 Inventory Cash * Your answer is incorrect. Determine the ending inventory amount for Concord. (Round intermediate calculation to 2 decimal places, e.g. 15.25 and final answer to 2 decimal places, e.g. 5,275.25.) Ending inventory \$ eTextbook and Media List of Accounts On April 30, Concord learns that the product has a net realizable value of $50 per unit. Determine the amount that ending inventory will be valued at on the April statement of financial position. Ending inventory valued at $ Based on your answer to previous question, determine whether the company should record a journal entry at the end of April and, if so, prepare the entry. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 550.25.)