Please do all of the requirements for Number 1 and the Journal Entries.

Water Place, Inc., carries a line of litanium cameras. Water Place, Inc., uses the average cost method and a perpetual inventory system. The sales price of each camera is $180. Company records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements Requirement 1. Prepare a perpetual inventory record for the cameras on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Rounc average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, solc, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Avg Cost: Purchases Cost of goods sold Unit Total Inventory on hand Unit Total Data Table Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost 8 $ 102,00 S 816 Jul 1 Date Quantity Unit Cost 7 13 S 104.00 $1,352 21 $ 103.24 S 2.168 3 $103.24 Item 1 Balance Jul 8 $ 102 11 18 S 103.24 7 Purchase 13 $ 1041 18 11 Sale 19 Purchase 28 Sale 11 $ 107 Print Done Enter any number in the edit fields and then click Check Answer. ? Requirements 1. Prepare a perpetual inventory record for the cameras on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Journalize the inventory transactions for Water Place, Inc., using the perpetual average cost method. Assume all purchases and sales are on account. 2. Print Done