Langley Inc, Inventory records for a particular development program show the following at December 31, 2020: m Click the icon to view the accounting records) At December 31, 8 of these programs are on hand. Langley uses the perpetual inventory system. Required 1. Journalize for Langley a. Total December purchases in one summary entry, All purchases were on credit. b. Total December sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Langley uses the FIFO inventory 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley's ending inventory? Requirement 1a. Joumalize for Langley's total December purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) method. Journal Entry Accounts Date Debit Credit Requirement 1b. Joumalize for Langley's total December sales and cost of goods sold in two summary entries. The seling price was $575 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 December sales Journal Entry Accounting records Date Accounts Debit Credit Dec 1 Beginning inventory 15 Purchase 26 Purchase 7 units@ $ 170 $ 1,190 10 units 180 = 1.800 7 units 190 1,330 Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Print Done Debit Credit Requirement 2. Under FIFO, how much gross profit would Langley cam on these transactions? What is the FIFO cost of Langley's ending inventory? How much grous profit would Langley eam on these transaction? What is the FIFO cost of ending inventory s