Arrow Corporation's inventory records for a particular development program show the following at March 31:

At March 31, 11 of these units are on hand. Journalize the following for Arrow Corporation under the perpetual system:
1. Total March purchases in one summary entry. All purchases were on credit.
2. Total March sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Assume that Arrow uses the FIFO inventory method.
3. Under FIFO, how much gross profit would Arrow earn on these transactions? What is the FIFO cost of Arrow Corporation's ending inventory?

Mar 1 Beginning inventory.9 units $165 $1,485 5 units @ 166830 13 units 1752,275 15 Purchase. 26 Purchas