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FYO and ulFO Costs Under Perpetunal inventory Systern The following urits of an item nare avalable for sale during the year: The firm uses the perpetual liventory sriteme, and therw are 25.492. snits of the item on hand at the end of the roac 1. What is toin tuthy coek of the ending imventory according to firo? b. What in the total esent of the enditg invertory acosrding to uroy Perpetual tnventory Using LiFo Eeqinning inventory, purchases, and sales for Item HM46 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (uFo) method, determine (a) the cost of merchandise sold on Jaruary 21 and (b) the inventory on-January 31. Showcase Co., a fumiture wholesaler, sells merchandise to Balboa Co, on account, $40,100, terms n/30. The cost of the merchandise sold is $24,100. Showcase Co, issues a credit memo for $8,000 as a price adjustment prior to Balboa Co. paying the original involce. a. Journalize Showcase Co.'s entries for (1) the sale, including (2) the cost of the merchandise sold. If an amount box does not require an entry, leave it blank. b. Journalize Showcase Co:'s entry for the credit merno. If an ameunt box does not require an entry, leave it blank c. Journalize showcase Co. is entry for the receipt of the check for the amount due from llalboa Co. If an amount bax does not require an entry, leave it