Lake Success Inc. inventory records for a particular development program show the following at July 31, 2020: (Click the icon to view the accounting records.) At July 31, 11 of these programs are on hand. Lake Success uses the perpetual inventory system. Required 1. Journalize for Lake Success: a. Total July purchases in one summary entry. All purchases were on credit. b. Total July sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Lake Success uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Lake Success earn on these transactions? What is the FIFO cost of Lake Success's ending inventory? Requirement 1a. Journalize for Lake Success's total July purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Requirement 1b. Journalize for Lake Success's total July sales and cost of goods sold in two summary entries. The selling price was $575 per unit and all sales were on credit. Lake Success uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Let's start by recording the entry for July sales. Let's start by recording the entry for July sales. Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit a. in one Total Jury purchase ummary entry. All purchases were on credit. b. Total July sales and cost of goods sold in two summary entries. The selling price was $575 per unit 2. Under FIFO, how much gross profit would Lake Success earn on these transactions? What is the FIF i X Accounting records Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry July 1 Beginning inventory 6 units $ 165 = $ 990 Date Accounts Debit Credit 15 Purchase 10 units @ 175 = 1,750 26 Purchase 4 units @ 185 = 740 Print Done Requirement 2. Under FIFO, how much gross profit would Lake Success earn on these transactions? What is the FIFO cost of Lake Success's ending inventory? How much gross profit would Lake Success earn on these transactions? $ What is the FIFO cost of ending inventory? $