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Data table Richmond Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Read the requirements. Requirement 1. Journalize for Richmond total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirements Journalize the following for Richmond Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit. 2. Total May sales and cost of goods sold in two summary entries. The selling price was $550 per unit, and all sales were on credit. Assume that Richmond uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Richmond earn on for the month ending May 31? What is the FIFO cost of Richmond Company's ending inventory? Data table Richmond Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Read the requirements. Requirement 1. Journalize for Richmond total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirements Journalize the following for Richmond Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit. 2. Total May sales and cost of goods sold in two summary entries. The selling price was $550 per unit, and all sales were on credit. Assume that Richmond uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Richmond earn on for the month ending May 31? What is the FIFO cost of Richmond Company's ending inventory