Langley Inc. inventory records for a particular development program show the following at August 31, 2020: (Click the icon to view the accounting records.) At August 31, 9 of these programs are on hand. Langley uses the perpetual inventory system. Required 1. Journalize for Langley: a. Total August purchases in one summary entry. All purchases were on credit. b. Total August sales and cost of goods sold in two summary entries. The selling price was $600 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? Langley Inc. inventory records for a particular development program show the following at August 31,2020 : (Click the icon to view the accounting records.) At August 31, 9 of these programs are on hand. Langley uses the perpetual inventory system. Required 1. Journalize for Langley: a. Total August purchases in one summary entry. All purchases were on credit. b. Total August sales and cost of goods sold in two summary entries. The sellina price was $600 per unit. and all sales were on credit. Langley uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Lan Accounting records Requirement 1a. Journalize for Langley's total Au n credits. Explanations are not required.) Requirement 1a. Journalize for Langley's total August purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) Journal Entry the cost related to the sale. We will do this in the next journal entry.) Let's start by recording the entry for August sales. Now record the entry for the cost of inventory sold assumina 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? $