Langley Inc. inventory records for a particular development program show the following at October 31, 2020: (Click the icon to view the accounting records.) At October 31,11 of these programs are on hand. Langley uses the perpetual inventory system. Required 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley's ending inventory? Accounting records Requirement 1a. Journalize for Langley's total October purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) Requirement 1b. Journalize for Langley's total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit and all sales were on credit Langley 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 October sales Now record the entrv for the cost of inventory sold assuming FIFO Requirement 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley's ending inventory? How much gross profit would Langley earn on these transactions? \$ What is the FIFO cost of ending inventory