Question #1 (10 Marks) A. A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using FIFO methods. And using the information given below, prepare general journal entries to record the Transactions assuming a cash sale and purchase, perpetual method. (10 Marks) Date Activities Units Acquired at cost Units sold at retail 10 units @ $ 91 April 1 Beginning Inventory 4 Purchase 7 Sales 10 15 units @ $ 106 20 units @ $ 130 20 units @ $ 115 10 units @ $ 119 23 units @ $ 150 Purchase Purchase Sales 15 16 - Explain in details the journal entries (why it's recorded in debit or credit side) and the nature of account Dr or Cr and its classification Assets, liabilities, owner's equity, Revenue or expenses