Refer to the data in Problem 7-5.

a. Give the journal entries to record the purchases and sales (Cost of Goods Sold entry only) for the year under FIFO perpetual.

b. Give the journal entries to record the purchases for the year and necessary year-end entries to charge Income Summary with the cost of goods sold for the year under FIFO periodic. (Note: You may want to refer to the Appendix in Chapter 6 for this part.)