My Company's wort h who w ob . 10 of the road October Thie 1751 Print Done Mckinley Company's inventory records for its retall division show the following at October 31 (Click the loon to view the accounting records.) Al October 31, 10 of these units are on hand Read the requirements edit. Assume that McKinley uses Requirement 2. Journal for McKinley total October sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was 5000 per unit and all sales credits. Exclude explanations from any foumal anos) Let's start by recording the entry for October sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Data Table Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Oct 1 Beginning inventory.... 7 units @ $ 165 - $ 1.155 15 Purchase 8 units @ 166 $ 830 26 Purchase .. 11 175 51.926 Accounts Debit Credit Cost of Goods Sold Inventory Print Done Requirement 3. Under FIFO, how much gross proft would McKinley cam on for the month ending October 317 What is the FIFO cost of McKinley Company's ending Inventory? The gross profit earned on these transactions is s The FIFO cost of ending inventory is $