Dave Company's inventory records for its retail division show the following at October 31: B (Click the icon to view the accounting records.) At October 31, 11 of these units are on hand. Read the requirements. Requirem credit. (Re X le perc Data Table Oct 1 Beginning inventory .... 10 units @ $ 160 = $ 1,600 15 Purchase ............ 5 units @ 161 = $ 805 26 Purchase ............ 14 units @ 170 = $ 2,380 Requirements Requir The sel first, the Let's st Journalize the following for Dave Company under the perpetual system: 1. Total October purchases in one summary entry. All purchases were on credit. 2. Total October sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Assume that Dave uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Dave earn on for the month ending October 31? What is the FIFO cost of Dave Company's ending inventory? Choose Dave Company's inventory records for its retail division show the following at October 31: 2 (Click the icon to view the accounting records.) At October 31, 11 of these units are on hand. Read the requirements. Requirement 1. Journalize for Dave total October 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 Requirement 2. Journalize for Dave total October 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 Dave uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for October sales. Do not yet record the cost related to the sale. We will do this in the next journal entry. Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 3. Under FIFO, how much gross profit would Dave earn on for the month ending October 31? What is the FIFO cost of Dave Company's ending inventory? The gross profit earned on these transactions is $ The FIFO cost of ending inventory is $