Griffin Company's inventory records for its retail division show the following at December 31 (Click the loon to view the accounting records) At December 31, 11 of these units are on hand Read the requirements Data table Requirement 1. Journalize for Griffin total December purchases in one summary entry, under the perpetual system A Date Journal Entry Accounts Dec 1 Beginning Inventory 9 units $165-$1,485 Dec 15 Purchase 5 units @5166-5830 Dec 26 Purchase 13 unts $175 $2.275 journal entries) toventory Debit Credit 3.105 Accounts Payable 3,105 Print Done Requirement 2. Joumalize for Griffin total December sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $500 per unit and all sales were on credit. Assume that Griffin uses the FFO inventory (Recond Gebits first, then credits Exclude explanations from any journal entries) Let's start by recording the entry for December sales. Do not yel record the cost related to the sale. We will do this in the next journal entry Date Journal Entry Accounts Accounts Receivable Sales Revenue Now record the entry for the cost of inventory sold assuming FFO Date Journal Entry Accounts Cost of Goods Sold Inventory Debit Credit 8,000 8.000 Debit Credit 2,068 2.665 Requirement 3. Under FIFO, how much gross profit would Griffin am on for the month ending December 317 What is the FIFO cost of Griffin The gross profiteated on these transacions Requirements Journalize the following for Griffin Company under the perpetual sy 1. Total December purchases in one summary entry All purchases were on 2. Total December sales and cost of goods sold in two summary entries. The seling price was $500 per unit, and all sales were on credit Assume t Griffin uses the FIFO inventory method 3. Under FIFO, how much gross profit would Griffin eam on for the month ending December 317 What is the FFO cost of Griffin Company's ending inventory? Print Done