Part B: Record and calculate the purchase on October 10 and sale on October 12 for Sunland Company in a periodic inventory system under (1) FIFO and (2) weighted average.

Sunland Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Sunland's purchases and sales of the ultra-lightweight snowboard in October: Date Transaction Units Unit Purchase Price Unit Sales Price Oct. 1 Beginning inventory 25 $ 297 10 Purchase 30 305 12 Sale (42) $ 475 13 Purchase 35 313 25 Sale (45) 485 27 Purchase 20 319 Assume that all of Sunland's sales are for cash and all of its purchases are on account. Record the purchase on October 10 and sale on October 12 for Sunland Company in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Perpetual- FIFO Oct. 10 Merchandise Inventory 9,150 Accounts Payable 9,150 (To record purchase on account.) Oct. 12 Cash 19,950 Sales 19.950 (To record cash sales.) Oct. 12 Cost of Goods Sold 12,610 Merchandise Inventory 12,610 (To record cost of goods sold.) Perpetual-Weighted Average Oct. 10 Merchandise Inventory 9,150 Accounts Payable (To record purchase on account.) Oct. 12 Cash 19,950 Sales (To record cash sales.) Oct. 12 Cost of Goods Sold Merchandise Inventory (To record cost of goods sold.)