High Life 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, 8 of these units are on hand Read the requirements Requirement 1. Journalize for High Life 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 ontries) Journal Entry Accounts Date Debit Credit Requirement 2. Journalize for High Lifo total December sales and cost of goods sold in two summary entries under the perpetual system. The selling price was $560 per unit and all sales were on credit Assume that High Life 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 Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO Journal Entry Accounts Date Debit Credit Data Table - Now record the Date Dec 1 Beginning inventory 15 Purchase 26 Purchase 6 units @ $ 165 = $ 990 5 units 166 S 830 9 units 175 - $ 1,575 Print Done Requirement 3. Under FIFO, how much gross profit would High Life earn on for the monthnding December 312 What is the FIFO cost of High Life Company's ending inventory? The gross profit earned on these transactions is $ The FIFO cost of ending inventory is $