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Suppose Miami Corporation's inventory records for a particular computer chip indicate the following at October 31 (Click the icon to view the inventory information.) Read the requirements Requirement 1. Joumalize the October purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Exclude explanations from journal entries) Journal Entry Accounts Debit Credit Data Table 5 units @ $58= $ 290 4 units @ $58 = 232 12 units @ $68 816 4 units @ $78 Oct 1 Beginning inventory 8 Purchase 15 Purchase 26 Purchase 312 The physical count of inventory at October 31 indicates that six units of inventory are on hand. Under the LIFO method the cost of ending inventory is 348. Print Done