Sandhill Company sells one product. Presented below is information for January for Sandhill Company. Nov. 1 Inventory 350 units at $9 each 5 Purchase 180 units at $10 each 10 Sale 430 units at $17 each 15 Purchase 430 units at $9.50 each 21 Sale 480 units at $18 each 30 Purchase 340 units at $9.80 each Sandhill uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sandhill uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for November is 390 units. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit lov. 5 Purchases 1800 Accounts Payable 1800 lov. 10 Accounts Receivable 7310 Sales Revenue 7310 lov. 15 Purchases 4085 Accounts Payable 4085 lov. 21 > Accounts Receivable 8640 Sales Revenue 8640 lov. 30 Purchases 3332 Accounts Payable 3332 30 Inventory 3807 Cost of Goods Sold 8560 Accounts Payable 3332 30 Inventory 3807 Cost of Goods Sold 8560 Purchases 9217 Inventory 3150 Compute gross profit using the periodic system. Gross profit $ 7390 Assume Sandhill uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit lov. 5 Inventory 1800 Accounts Payable 1800 lov. 10 Accounts Receivable 7310 Sales Revenue 7310 lov. 10 Cost of Goods Sold Inventory lov. 15 Inventory 4085 Accounts Payable 4085 lov. 21 Accounts Receivable 8640 Sales Revenue 8640 lov. 21 Cost of Goods Sold Inventory Sales Revenue 8640 lov. 21 Cost of Goods Sold Inventory lov. 30 Inventory 3332 Accounts Payable 3332 Sunland Company has used the dollar-value LIFO method since January 1, 2017. Sunland uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Sunland's inventory pool A. At Current-Year Cost Inventory At Base-Year Cost January 1, 2017 $1,000,000 $1,000,000 December 31, 2017 1,220,000 1,342,000 December 31, 2018 1,270,000 1,473,200 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory in Pool A be reported at December 31, 2018? December 31, 2018 Price Index 1.0236