Solange Corp. sells one product, and uses the FIFO cost formula with information for December as follows:

Inventory I'll units {` Each Sale All units { } { cach 1 1 Purchase* 150 units ` $6. 50 cach 12 Sale 20 Purchase LG` units { } 7 {Ich 27 Sale |70 units ( $10 Each "I Assume Solange uses I periodic system . Figure all mere`art journal cities , Including the end of month adjusting entry to record cost of Bonds sold. A physical count revels I'll units in ending inventory for } Calculate gross profit . "I Assume Solange uses a perpetual system . Prepare all Dict. Journal I' A ```me Solange uses the perpetual system and " count on Dec. ! !! Itital . only 10= units in Ending inventory . Would you need any adjusting entry ? What would it be"