Longmeadow Inc. inventory records for a particular development program show the following at July 31, 2020: E (Click the icon to view the accounting records.) At July 31, 12 of these programs are on hand. Longmeadow uses the perpetual inventory system. Required 1. Journalize for Longmeadow: a. Total July purchases in one summary entry. All purchases were on credit. b. Total July sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Longmeadow uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Longmeadow earn on these transactions? What is the FIFO cost of Longmeadow's ending inventory? Let's start by recording the entry for July sales. Journal Entry Date Accounts Debit Credit Cost of Goods Sold Inventory Choose from any list or enter any number in the input fields and then click Check Answer. ? %) E5-14 (similar to) 8 Question Help X Longmeadow 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, 12 of these programs are on hand. Longmeadow uses the perpetual inventory system. Required 1. Journalize for Longmeadow: i Accounting records a. Total July purchases in one summary b. Total July sales and cost of goods sold method. July 1 Beginning inventory 4 units @ $ 155 = $ 2. Under FIFO, how much gross profit would 15 Purchase 10 units @ 165 = Let's start by recording the entry for July sales. 26 Purchase 6 units @ 175 = Jou credit . Longmeadow uses the FIFO inventory 620 ending inventory? 1,650 1,050 Date Accoun Cost of Goods Sold Print Done Inventory liel