Larchmont Inc. inventory records for a particular development program show the following at March 31,2020 : (Click the icon to view the accounting records.) At March 31, 10 of these programs are on hand. Larchmont uses the perpetual inventory system. Required 1. Joumalize for Larchmont: a. Total March purchases in one summary entry. All purchases were on credit. 2. Under FIFO, how much gross profit would Larchmont earn on these transactions? What is the FIFO cost of Larchmont's ending inventory? FIFO inventory method. (Do not yet record the cost related to the sale. We will do this In the next journal en Let's start by recording the entry for March sales. Accounting records Accounting records Now record the entry for the cost of inventory sold assuming FIFO. Requirement 2. Under FIFO, how much gross profit would Larchmont earn on these transactions? What is the FIFO cost of Larchmont's ending inventory? How much gross profit would Larchmont earn on these transactions? \$ What is the FIFO cost of ending inventory? \$