Lunar Company uses a perpetual inventory system. The companys accounting records provided the following information for Product 2:

4. Prepare journal entries to record transactions (b) through (e), assuming that all sales and purchase transactions are on account and that Scoresby uses FIFO for inventory costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record purchase of goods on account.

2. Record sales on account.

3. Record purchase of goods on account.

4. Record sales on account.

5. Record operating expenses.

6. Record cost of sales for the period.

7. Record the entry to transfer the ending inventory amount from the cost of sales account.