Suppose a technology company's inventory records for a particular computer chip indicate the following at December 31 (Click the icon to view the inventory information.) Required Journalize the following for the periodic system 1. Total December purchases in one summary entry. All purchases are on credit 2. Total December sales in a summary entry Assume that the selling price was $290 per unit and that all sales were on credit 3. December 31 entries for inventory. The company uses weighted average cost Post to the Cost of Goods Sold T-account to show how this amount is determined Label each item in the account 4. Show the computation of cost of goods sold by the cost of goods-sold model Requirement 1. Journalize the December purchases in one summary entry All purchases are on credit (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Suppose a technology company's inventory records for a particular computer chip indicate the following at December 31 (Click the icon to view the inventory information.) Required Journalize the following for the periodic system 1. Total December purchases in one summary entry. All purchases are on credit 2. Total December sales in a summary entry Assume that the selling price was $290 per unit and that all sales were on credit 3. December 31 entries for inventory. The company uses weighted average cost Post to the Cost of Goods Sold T-account to show how this amount is determined Label each item in the account 4. Show the computation of cost of goods sold by the cost of goods-sold model Requirement 1. Journalize the December purchases in one summary entry All purchases are on credit (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit