X Lake Success Inc. inventory records for a particular development program show the following at October 31, 2020: (Click the icon to view the accounting records.) At October 31, 12 of these programs are on hand. Lake Success uses the perpetual inventory system. Required 1. Journalize for Lake Success: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was S600 per unit, and all sales were on credit. Lake Success uses the FIFO inventory method 2. Under FIFO, how much gross profit would Lake Success earn on these transactions? What is the FIFO cost of Lake Success's ending inventory? Accounting records 480 Oct. 1 Beginning inventory ... 3 units @ $ 160 = S 15 Purchase 9 units @ 170 = 1,530 26 Purchase ........... 8 units @ 180 = 1,440 Requirement 1a. Journalize for Lake Success's total October purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Print Done Requirement 1b. Journalize for Lake Success's total October sales and cost of goods sold in two summary entries. The selling price was $600 per unit and all sales were on credit. Lake Success uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Let's start by recording the entry for October sales. Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 2. Under FIFO, how much gross profit would Lake Success earn on these transactions? What is the FIFO cost of Lake Success's ending inventory? How much gross profit would Lake Success earn on these transactions? SI What is the FIFO cost of ending inventory