You are the manager of a new retail cart at the mall. Your business uses the perpetual inventory system. You need to decide which inventory cost flow assumption method your new business will use: FIFO or LLIFO. Using this method, prepare the journal entries, compute the sales revenue, cost of goods sold and ending inventory for your first month of operations (March). Data provided Activity Units Sale Price (per unit) Purchase Price (per unit) $13 $13.50 $25 Purchase, March 1 Purchase, March 2 Sale, March 3 Purchase, March 10 Sale, March 15 Purchase, March 18 Sale, March 22 25 15 30 5 12 20 10 $14.25 $25 $14.40 $25 All purchases are made with cash. All sales are cash sales. Requirements 2-4 on next page. Requirements: 1. Which inventory cost flow assumption will your business use? Explain in two-four sentences why you selected this method. 2. Required Journal Entrles Date Accounts March 1 Debit Credit March 2 March 3 March 10 March 15 March 18 March 22 3. What is your total sales revenue for March? 4. What is your total cost of goods sold for March? 5. What is your total dollar value of ending inventory at March 31