ACCT 2301 - Review for Exam 2 Problem 1. Dwayne "the Rock" Johnson has created his own Tequila brand, Teremana. In a Los Angeles outlet store, the tequila is sold, along with other novelty items. Teremana sells novelty diamond-cut glass tumblers in this store for cash customers. On October 1st, the store had 120 of the tumblers that had a cost of \$23/each. During the month of October, the following transactions occurred. Teremana uses the FIFO inventory method, all purchases are made on account, and charges the customers $49 cash per Tumbler. October 3rd: : Purchased 200 Tumblers at $23.05 each. October 5th : Sold 65 Tumblers. October 10th : Purchased 80 Tumblers at $23.20 each. October 20th : Sold 142 Tumblers. REQUIRED: a. Cost of Goods Sold for October b. Ending Inventory (in total dollars) at 10/31 c. Gross Profit for October d. Journal entry(ies) for October 3rd. e. Journal entry(ies) for October 5th