Dave Inc.'s inventory records for a particular development program show the following at May 31 EB (Click the icon to view the accounting records.) At May 31, 9 of these programs are on hand. Requirements Journalize the total May purchases in one summary entry, under the perpetual system. All purchases were on credit. 1. 2. Journalize the total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $500 per unit, and all sales were on credit. Assume that Dave Inc., uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Dave Inc., earn on these transactions? What is the FIFO cost of Dave Inc.'s ending inventory? Requirement 1. Journalize for Dave Inc. total May purchases one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries. Journal Entry Date Accounts Debit Credit Requirement 2. Joumalize for Dave Inc. total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $500 per unit and all sales were on credit. Assume that Dave Inc. uses the FIFO inventory method. (Record debits first, then 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 Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Journal Entry Debit Credit Date Accounts Requirement 3. Under FIFO, how much gross profit would Dave Inc. earn on these transactions? What is the FIFO cost of Dave Inc.'s ending inventory? The gross profit earned on these transactions is $ The FIFO cost of ending inventory is $ Data Table 6 units @ $ 165 = $ May 1 Beginning inventory 990 5 units @ 15 Purchase 166 830 10 units @ 26 Purchase 175 1,750 Print Done