Drake Hardware operates a store in Red Deer, Alberta. The company began 2017 with an inventory of 50 snow blowers that cost S8,600 in total. During the year, the company purchased merchandise on account as follows: (Click the icon to view the store purchases.) Cash payments on account during the year totalled $47,000. During November 2017, the company sold 340 units of merchandise for $87,000, of which S70,000 was for cash and the balance was on account. Drake uses the FIFO method for nventories. Requirement 1. Make summary journal entries to record the companys transactions for the year ended December 31, 2017. The company uses a perpetual inventory system. You can start with the entry to record the purchases, (Record debits first, then credits. Exclude explanations fromjournal entries.) Journal Entry Dato Account Dobit Required Credit Dec 31 1. Make summary journal entries to record the company's transactions for the year ended December 31, 2017. The company uses a perpetual inventory system 2. Determine the FIFO cost of the companys ending inventory at December 31, 2017 Use a T-account. 3. Calculate Drake Hardware's gross margin for the year ended December 3 More info 2017 March (70 units at S172) $12,040 Print Done 8,800 August (50 units at S176) October (200 units at $182) $57,240 Total purchases Choose from any list or enter any number in the input fields and then click