John's Sporting Goods uses the (perpetual) LIFO inventory method. John's Sporting Goods started December with 10 helmets that cost $53 each. On December 19, John's Sporting Goods bought 12 helmets at $57 each. On December 28, John's Sporting Goods sold 11 helmets. 1. The December 19 purchase of inventory was on account. 2. The December 28 sale of inventory was on account. John's Sporting Goods sold each helmet for $101 Prepare the required journal entries for the purchase and sale of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Prepare the journal entry for the purchase of inventory on account. December 19: John's Sporting Goods bought 12 helmets at $57 each Journal Entry Date Accounts Debit Credit Dec 19 2. Prepare the journal entry for the sale of inventory on account. Begin by journalizing the revenue portion of the sale. December 28: John's Sporting Goods sold 11 helmets. John's Sporting Goods sold each helmet for $101. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.)