Group A F6-11A. (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Lyons Corporation yield the following data for the year ended June 30, 2014: Inventory, June 30, 2013................... Purchases of inventory (on account)... Sales of inventory-83% on account: 17% for cash (cost $57,000)..... Inventory at FIFO, June 30, 2014. $15,000 68,000 115,000 26,000 Requirements 1. Journalize Lyons'inventory transactions for the year under the perpetual system. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement