ases in one Data Table - | debits first, May 1 Beginning inventory.... 9 units @ $ 15 Purchase ............ 7 units @ 26 Purchase ............ 14 units @ 165 = $ 1,485 166 = $ 1,162 175 = $ 2,450 Print [Done Print Done input fields and then continue to the next question. 0 Hi = a L | 427 - ) Thames Company's inventory records for its retail division show the following at May 31: Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Read the requirements Requirement 1. Journalize for Thames total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (F entries.) Journal Entry Date Accounts Debit Credit Requirement 2. Journalize for Thames total May sales and cost of goods sold in two Summary entries under the perpetual system. The selling price was $625 per unit and of sales were on credt. Assume that Thames uses the FIFO inventory method Record debits for the credits Exclude explanations from any journal entries.) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Debit Credit Thames Company's inventory records for its retail division show the following at May 31: E: (Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Read the requirements. Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Accounts Date Debit Credit Requirement 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 31? What is the FIFO cost of Thames Company's ending inventory? The gross profileamed on these transactions is $ The FIFO cost of ending inventory is $ Choose from any list or enter any number in the input fields and then continue to the next