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3. A company uses the periodic inventory system, and the following information is available. All purchases and sales are on credit. Unit Price Dec 1 Inventory Balance- Dec 6 Purchase- Dec 11 Purchase- Dec 16 Purchase- Goods available- Unit Unit Cost 30 $3 70 4 45 5 50 6 195 Total Cost $ 90 280 225 300 $ 895 Dec 12 Dec 20 Sale Sale- Goods sold Inventory Balance... 100 60 160 35 $10 11 Dec 31 (a) Prepare the general journal entries to record: The October 6 purchase. The October 12 sale. (b) Assuming the periodic inventory system is used, determine both the cost of the ending inventory and the cost of goods sold using the LIFO method for October