S5-6 (similar to) E Question Help Keira's Sports uses the (perpetual) LIFO inventory method. Keira's Sports started March with 5 helmets that cost $55 each. On March 19, Keira's Sports bought 8 helmets at $60 each. On March 28, Keira's Sports sold 7 helmets. 1. The March 19 purchase of inventory was on account. 2. The March 28 sale of inventory was on account Keira's Sports sold each helmet for $103 Prepare the required journal entries for the purchase and sale of inventory. (Record debits first, then credits. Exclude explanations from any journal entries) 1. Prepare the journal entry for the purchase of inventory on account. March 19: Keira's Sports bought 8 helmets at $60 each Journal Entry Date Accounts Debit Credit Mar 19 Accounts payable Accounts receivable Cost of goods sold Equipment Inventory Sales revenue Supplies Supplies expense l then click Check