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Longmeadow Inc. inventory records for a particular development program show the following at October 31, 2020: 5 (Click the icon to view the accounting records.) At October 31, 9 of these programs are on hand. Longmeadow uses the perpetual inventory system. Required 1. Journalize for Longmeadow: 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 $600 per unit, and all sales were on credit. Longmeadow uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Longmeadow earn on these transactions? What is the FIFO cost of Longmeadow's ending inventory? - X Accounting records Requirement 1a. Journalize for Longmeadow'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 960 Oct. 1 Beginning inventory 15 Purchase 26 Purchase ...... 6 units @ $ 160 = $ 13 units @ 170 = 6 units @ 180 = 2,210 1,080 Print Done Requirement 1b. Journalize for Longmeadow's total October sales and cost of goods sold in two summary entries. The selling price was 5600 per unit and all sales were on credit. Longmeadow 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 Longmeadow earn on these transactions? What is the FIFO cost of Longmeadow's ending inventory? How much gross profit would Longmeadow earn on these transactions? What is the FIFO cost of ending inventory? $

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