SMITH HAS THE FOLLOWING TWO TRANSACTIONS: - BEGINNING INVENTORY OF 150 UNITS AT $7.00/UNIT - PURCHASED 500 UNITS OF INVENTORY AT $8.00/UNIT - SOLD 600 UNITS OF INVENTORY FOR $25/UNIT ASSUME UNITS PURCHASED ON CREDIT. ASSUME UNITS SOLD ON CREDIT. ASSUME FIFO METHOD REQUIRED: PREPARE ALL CORRESPONDING JOURNAL ENTRIES UNDER THE PERPETUAL METHOD. (6 POINTS) INVENTORY 4,000 AP AR REVENUE COGS INVENTORY 5008 4,000 600x25 15,000 = 15,000 4,650 4,650 REQUIRED: WHAT IS ENDING INVENTORY? (4 POINTS) 400