QS.Prepare Journal entries using the Inventory record method of LIFO. (10 marks) Her is the information provided to you: Smart Touch Learning began August with 2 TAB0503s that cost $350 each. After the August 5 purchase, the inventory on hand consists of 6 units (2+4). On August 15, the company sold 4 units. Under FIFO, the first 2 units sold had the oldest cost ($350 per unit). The next 2 units sold cost $360 each. Sales on credit: August 15:4 units for $500 August 31: 10 units for $500