Time left 0:56:57 Question 7 Not yet answered Marked out of 4.00 XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit Flag question The journal entry involves a debit to inventory 7500 Purchases 2500 and a credit to accounts payable for TL