DO IT! 6.2 | Cost Formulas Wynneck Marlon Sports Company uses a perpetual inventory system. All inventory items are sold for $10 per unit and all sales and purchases are on account. The company's accounting records show the following: Date Mar. 1 Units Unit Cost Explanation Beginning inventory Purchase Sales Purchase Sales Total Cost $12,000 24,000 4,000 6,000 (8,000) 5,000 (5,500) 25,000 $61,000 a. Assume Wynneck Marlon uses FIFO.(1) Prepare a perpetual inventory record and determine the cost of goods sold and ending inventory. (2) Prepare journal entries to record the March 10 purchase and the March 19 sale