Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 3111 of these units are on hand Requirements Journalize the following for Griffin Company under the perpetual system: 1. Total December purchases in one summary entry. All purchases were on credit. 2. Total December sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Assume that Griffin uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Griffin earn on for the month ending December 31? What is the FIFO cost of Griffin Company's ending inventory? nder the perpetual system. All y journal entries.) redit 3,105 summary entries, under the e that Griffin uses the FIFO al entries.) Let's start by recording the entry for December sales. Do not yet record the cost related to the sale. We will do this in the next journal entry. Journal Entry Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31, 11 of these units are on hand. Read the requirements. Data table ntry, under the perpetual system. All om any journal entries.) perpetual system. The selling price was $500 per unit and all sales were on credit. Assume that Griffin uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for December sales. Do not yet record the cost related to the sale. We will do this in the next journal entry. Requirement 1. Journalize for Griffin total December 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.) Requirement 2. Journalize 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 FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for December sales. Do not yet record the cost related to the sale. We will do this in the next journal entry