Suppose a technology company's Inventory records for a particular computer chip indicate the following at October 31 (Click the icon to view the inventory information.) Required Journalire the following for the periodic system 1. Total October purchases in one summary entry. All purchases are on credit 2. Total October sales in a summary entry Assume that the selling price was $295 per unit and that all sales were on credh 3. October 31 entries for Inventory. The company uses weighted average cost Post to the Cost of Goods T-account to show how this amount is determined Label each hom in the account 4. Show the computation of cost of goods sold by the cost-of-goods sold model Requirement 1. Journalize the October purchases in one summary enty. All purchases are on credit. (Record debits first thenicndis. Explanations are not required.) Journal Entry Date Accounts Debit Credit i Data Table - I sa ods Oct .. 1 Beginning inventory 8 Purchase --- ecd 15 Purchase 7 units @ $180 = $ 1,260 5 units @ $ 180 = 900 12 units @ $ 190 = 2,280 6 units @ $200 = 1,200 26 Purchase The physical count of inventory at October 31 indicates that eight units of inventory are on hand. Print Done