G H C M Idaho Inc. is a wholesale company selling special parts for the automotive industry. The company uses FIFO and a perpetual inventory system. Its inventory records for part SA 123 show the following transactions for the month of May 2020: Units Units Unit Selling Date Transaction Unit Cost Purchased Sold Price May 1 Balance 120 $7.20 May 10 Purchase 500 $7.10 May 15 Sale (100) $12.60 5 May 21 Sale (150) $12.70 May 23 Purchase $7.50 0 1 Instructions 12 Assuming Idaho makes all sales and purchases of inventory on account, prepare the journal entries for each of the above listed transactions. 250