Read the requirements. i Data Table Accounts Receivable Sales Revenue Aug 1 Beginning inventory 7 units @ $ 165 = $ 1,155 15 Purchase 5 units @ 166 = $ 830 26 Purchase 11 units @ 175 = $ 1,925 Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Print Done Date Accounts Debit Credit Requirement 3. Under FIFO, how much gross profit would Ken earn on for the month ending August 31? What is the FIFO cost of Ken Company's ending inventory? The gross profit earned on these transactions is $ The FIFO cost of ending inventory is $ Choose from any list or enter any number in the input fields and then continue to the next question. ? Ken Company's inventory records for its retail division show the following at August 31: (Click the icon to view the accounting records.) At August 31, 10 of these units are on hand. Read the requirements. 0 Data Table X Requirement 1. Journalize for Ken total August purchases in one summary entry, under the perpetual system. All purchases were on credit. entries.) Journal Entry Aug 1 Beginning inventory ... 15 Purchase 26 Purchase 7 units @ $ 165 = $ 1,155 5 units @ 166 = $ 830 11 units @ 175 = $ 1,925 Date Accounts Debit Credit 2755 Inventory Accounts Payable 2755 Print Done Requirement 2. Journalize for Ken total August sales and cost of goods sold in two summary entries, under the perpetual systern. The selling price was $520 per unit and all sales were on credit. Assume that Ken uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for August sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Date Accounts Debit Credit Accounts Receivable Sales Revenue Choose from any list or enter any number in the input fields and then continue to the next