Lamontagne Inc. inventory records for a particular development program show the following at July 31, 2020: B (Click the icon to view the accounting records.) At July 31, 11 of these programs are on hand. Lamontagne uses the perpetual inventory system. Required 1. Journalize for Lamontagne: a. Total July purchases in one surrirmiary entry. All purchases were on credit. b. Total July sales and cost of goods sold in two surinary entries. The selling price was 5600 per unit, and all sales were un credit. Lamontagne uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory? 0 Accounting records Requirement 1a, Journalize for Lamontagne's total July purchases in one summary entry. All purchases were on credit. (Record debits first, then cred Journal Entry July 1 Beginning inventory ... Date Accounts Debit Credit 15 Purchase ... Inventory 26 Purchase 5 units @ S 160 = S 800 11 units 170 = 1,870 5 units a 180 = 900 Print Done Accounts Payable Accounts Receivable Cash Requirement 1b. Jo Cost of Goods Sold yet record the cost Inventory Let's start by recordi Sales Revenue Journal Entry cost of goods sold in two summary entries. The selling price was S600 per unit and all sales were on credit. Lamontagne uses the FIFO inventory method. (Do not xt journal entry.) Date Accounts Debit Credit Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. ? Let's start by recording the entry for July sales. Journal Entry Date Accounts Debit Credit Accounts Receivable Sales Revenue Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 2. Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory? How much gross profit would Lamontagne earn on these transactions? $ What is the FIFO cost of ending inventory? $ Choose from any list or enter any number in the input fields and then continue to the next question. Lamontagne Inc. inventory records for a particular development program show the following at July 31, 2020: B (Click the icon to view the accounting records.) At July 31, 11 of these programs are on hand. Lamontagne uses the perpetual inventory system. Required 1. Journalize for Lamontagne: a. Total July purchases in one surrirmiary entry. All purchases were on credit. b. Total July sales and cost of goods sold in two surinary entries. The selling price was 5600 per unit, and all sales were un credit. Lamontagne uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory? 0 Accounting records Requirement 1a, Journalize for Lamontagne's total July purchases in one summary entry. All purchases were on credit. (Record debits first, then cred Journal Entry July 1 Beginning inventory ... Date Accounts Debit Credit 15 Purchase ... Inventory 26 Purchase 5 units @ S 160 = S 800 11 units 170 = 1,870 5 units a 180 = 900 Print Done Accounts Payable Accounts Receivable Cash Requirement 1b. Jo Cost of Goods Sold yet record the cost Inventory Let's start by recordi Sales Revenue Journal Entry cost of goods sold in two summary entries. The selling price was S600 per unit and all sales were on credit. Lamontagne uses the FIFO inventory method. (Do not xt journal entry.) Date Accounts Debit Credit Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. ? Let's start by recording the entry for July sales. Journal Entry Date Accounts Debit Credit Accounts Receivable Sales Revenue Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 2. Under FIFO, how much gross profit would Lamontagne earn on these transactions? What is the FIFO cost of Lamontagne's ending inventory? How much gross profit would Lamontagne earn on these transactions? $ What is the FIFO cost of ending inventory? $ Choose from any list or enter any number in the input fields and then continue to the next