Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual...

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020:

At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system.

1. Journalize for Langley:

a. Total October purchases in one summary entry. All purchases were on credit.

b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method.
(Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710.

2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?

Extracted text: Beginning inventory. 5 units @ $150 $ 750 %3D Oct. 1 11 units @ 160 = 1,760 15 Purchase 5 units @ 170 = 850 26 Purchase ...... .. ...............