Sokos Corporation sells item A as part of its product line. Transactions related to this product during December 2017 are summarized below. Date Transaction Units Amount per Unit $30.00 36.00 Dec. 1 Inventory Sale 50 Dec. 4 40 Dec. 11 Purchase 75 33.00 60 Dec. 13 Sale 37.50 Dec. 20 Purchase 80 34.00 Dec. 27 Sale 50 40.00 Sokos uses a perpetual inventory system and makes its inventory purchases on account. It uses the FIFO inventory costing method and the lower of cost and net realizable value rule on an individual item basis. Its fiscal year ends on December 31 each year. All sales are on account Required: 1. Prepare journal entries to record the transactions on December 4 and December 11. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Record sales on account. 1 Record cost of sales on goods sold on account. 2 Record purchase of goods on account. 3 .. Xi 2. Compute the cost of ending inventory at December 31, 2017 and cost of sales for the month of December 2017. Cost of ending inventory Cost of sales 3. Would the cost of ending inventory increase or decrease if Sokos used the weighted-average cost method instead of FIFO. Decrease Increase 4. The net realizable value of Item A is $30 per unit at December 31, 2017. Prepare the adjusting entry to reflect the application of the LC&NRV rule. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record cost of sales on goods sold on account. Note: Enter debits before credits. 5. Assume that the Company's accountant ignored the LC&NRV rule. How would this error affect the Company's inventory turnover ratio? Inventory turnover ratio will be