Salem Sportwears uses the (perpetual) LIFO inventory method. Salern Sportwears started December with 2 helmets that cost $53 each. On December 19, Salem Sportwears bought 16 helmets at $51 sach. On December 28, Salern Sportwears sold 12 helmets. 1. The December 19 purchase of inventory was on account 2. The December 28 sale of inventory was on account. Salem Sportwears sold each helmet for $101. 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. December 19: Salem Sportwears bought 16 helmets at $51 each. Journal Entry Date Accounts Debit Credit Dec 19 2. Prepare the journal entry for the sale of inventory on account Begin by Journalizing the revenue portion of the sale. December 28: Salern Sportwears sold 12 helmets. Salem Sportwears sold each helmet for $101. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry) Journal Entry Accounts Date Debit Credit Dec 28 Now Journalize the cost of the sale on the 28th under the LIFO method. December 28: Salern Sportwears sold 12 helmets. Journal Entry Date Accounts Dec 28 Debit Credit