The company provided the following inventory data for 20X1: Jan 1 Beginning inventory 1,000 units @ $4.00 May 18 Cash Purchase 2,000 units @ $4.50 Oct 5 Credit Purchase 2,000 units @$4.80 Nov 24 Credit Sales 2,000 u..s@8.00 Dec 1 Credit Purchase 3,000 units @$5.20 The company's reporting date is December 31. Assume that the company uses periodic inventory system and weighted average method, prepare journal entries on Dec 1 and Dec 31