JON T Entries and Perpetual Inventory Account (LIFO) Name: For item XXXB, given the following transaction information please update the attached Inventory subsidiary ledger schedule and record the appropriate Journal Entries associated with each transaction. Note this problem assumes the LIFO Inventory Costing Method 1. The beginning balance on November 1 is $52,500 (2100 units @ $25/each) 2. On November 5, we sold 1550 units on account to XYZ Company at a price of $31/each 3. On November 14, we purchased 1000 units on account from ABC company at $23.00/each and received terms 2/10, net/30. 4. On November 21, we sold 850 units on account to XYZ Company at a price of $32.50/each CONNOISSEUR COLLECTION 5. On November 22, we purchased 1000 units on account from ABC company at $23.75/ each with credit term 2/10 n/30. 6. On November 28, we sold 825 units on account to NPD Company at a price of $35.00 S SOUTHWORTH 7. Compute on your subsidiary ledger the ending inventory balance for November 30. 8. FOR EXTRA CREDIT...calculate below the Gross Profit for the month of November and the related Gross Profit Percentage