The Riley Company reports the following for the month of November: DATE EXPLANATION UNITS UNIT COST OR UNIT SELLING PRICE 11/1 Inventory 300 $10 11/8 Purchase 300 $11 11/10 Sale 200 $25 11/18 Purchase 50 $12 11/25 Sale 300 $28 The Riley Company uses a perpetual inventory system. 1) Calculate the cost of the Ending Inventory at 11/30 and the Cost of Goods Sold for the month of November under the LIFO cost flow assumption. ENDING INVENTORY COST OF GOODS SOLD 2) Prepare the journal entry to record the sale on 11/25 assuming that the sale was on credit. JOURNAL Post Date Description Ref. Debit Credit DATE OTV PURCHASES Ud COST OF GOODS SOLD OTY INVENTORY BALANCE OTV LUC TO