Problem III - Inventory Methods (20 points) The following is a record of Couples Company's transactions for the month of September. Sept. 1 Inventory 300 units at $3,000 total 10 Sold 12 Purchase 800 units at $8,800 total 28 Purchase 500 units at $6,500 total 15 Sold 200 units at $4,800 total 500 units at $12,500 total 30 Sold 250 units at $6,750 total Instructions 1. Assuming that the periodic system and the FIFO cost flow assumption are applied. Prepare all journal entries, including the closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 650 units. 2. Assuming that the perpetual system and the FIFO cost flow assumption are applied. Prepare all necessary journal entries.