Ron Company's inventory records for its retail division show the following at August 31: B Click the icon to view the accounting records.) At August 31, 11 of these units are on hand. Read the requirements. Requirement 1. Journalize for Ron total August 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 Accounts Date Debit Credit Requirement 2. Journalize for Ron total August sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Ron 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 Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Accounts Date Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Journalize for Ron total August sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Ron 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 Accounts Date Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 3. Under FIFO, how much gross profit would Ron earn on for the month ending August 31? What is the FIFO cost of Ron Company's ending inventory? i Data Table The gross profit earned on these transactions is $ L The FIFO cost of ending inventory is $ Choose from any list or enter any number in the input fields and then Aug 1 Beginning inventory.... 8 units @ $ 15 Purchase ............ 5 units @ 26 Purchase ............ ........... 12 units @ 12 170 = $ 1,360 171 = $ 855 180 = $ 2,160