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Data table Mckinley Company's inventory rocords for its retal division show the following at August 31 : (Click the icon fo vilew the accounting records.) A. August 31,8 of these units are on hand. Read the tequirements: Requirement 1. Journalize for Mckinley total August purchases in one summary entry, under the perpetual system. All purchases were on credit (Rocord debats first. then credts Exolude explanations from any joumal entries.) Requirements Journalize the following for McKinley Company under the perpetual system: 1. Total August purchases in one summary entry. All purchases were on credit. 2. Total August sales and cost of goods sold in two summary entries. The selling price was $560 per unit, and all sales were on credit. Assume that McKinley uses the FIFO inventory method. 3. Under FIFO, how much gross profit would McKinley earn on for the month ending August 31 ? What is the FIFO cost of McKinley Company's ending inventory