Richmond Company's inventory records for its retail division show the following at May 31: B (Click the icon to view the accounting records.) At May 31, 11 of these units are on hand. Read the requirements CE Requirement 1. Journalize for Richmond total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Debit Credit Accounts Inventory Accounts Payable 3,015 3,015 Requirement 2. Journalize for Richmond total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $560 per unit and all sales were on credit. Assume that Richmond uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next journal entry. Journal Entry Date Debit Credit Accounts Accounts Payable Sales Revenue Data Table May 1 Beginning inventory 8 units @ $170 = $1,360 May 15 Purchase 5 units @ $171 = $855 May 26 Purchase 12 units @ $180 = $2,160 Print Done