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 Journalize 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 $280 per unit and that all sales were on credit. 3. October 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item 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 entry. All purchases are on credit. (Record debits first, then credits. Explanations are not required.) Requirement 2. Journalize the total October sales in a summary entry. Assume that the selling price was $280 per unit and that all sales were on credit. The physical count of inventory at October 31 indicates that six units of nventory are on hand