please explain briefly

E5-27 (similar to) Suppone a technology company's story records for a partir computer chip indicate the following December 31 Click the icon to view the inventory information) Required Jouze the following for the periodic system 1. Total Documber purchases one summary only Alpurchases are on credit 2. To December Ses in a summarynty Assume that the saling price was $255 per unit and that all sales west on credit 3 De Tees for the company uses woted average cost Post to the Cost of Goods Sold Taccount to show ww this amount dimined teachers in the account Show the computation of cost of sold by the cost of goods sold model 4 Requirement 1 Stralize the December purchase on many Al purchases are on credit (Record debits first, then credits Explanations are not required) Journal Entry Accounts Debit Credit edit vas $29- cost P Data Table - X ch item in the account odel purcha Dec 800 1 Beginning inventory 8 Purchase 480 5 units @ $ 160 - $ 3 units @ $ 160 10 units @ $ 170 = 4 units @ $ 180 1,700 15 Purchase 26 Purchase 720 The physical count of inventory at December 31 indicates that seven units of inventory are on hand Print Done Requirement 2. Journalize the total December sales in a summary entry Assume that the selling price was $295 per unit and that all sales were on credit Journal Entry Date Accounts Debit Credit Requirement 3. Journalize the December 31 entries for inventory. The company uses weighted average cost Begin by closing out beginning inventory Journal Entry Date Accounts Debit Credit Next adjust ending inventory Journal Entry Date Accounts Debit Credit Now close out purchases for the period. Journal Entry Date Accounts Debit Credit Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account Cost of Goods Sold End bal Requirement 4. Compute cost of goods sold by the cost-of-goods-sold model. Plus Goods available Less. Cost of goods sold