PS: Use the journal entry format given below for all journal entry records DATE ACCOUNT TITLE DEBIT CREDIT QUESTIONS Q-1) Owl Company uses perpetual inventory system. The following information is related to one type of its merchandise for May 2020: Unit Selling Price Beginning Inventory Purchase on May 18 Sale on May 24 Units 20 units 60 units 50 units Unit Cost $15.00 $17.00 $22.00 Required: Under the weighted average method for inventory valuation; a) Compute the cost of goods sold and make the necessary journal entries for the selling transaction on May 24, 2020 for this merchandise (merchandise sold in cash). b) Compute the gross profit for this merchandise. c) Compute the cost of ending inventory as of May 31, 2020 for this merchandise