Kens, Inc.’s inventory records for a particular development program show the following at December 31:_x0001_At December 31, nine of these programs are on hand. Journalize for Kens:1. Total December purchases in one summary entry. All purchases were on credit.2. Total December sales and cost of goods sold in two summary entries. The selling price was $550 per unit, and all sales were on credit. Assume that Kens uses the FIFO inventory method.3. Under FIFO, how much gross profit would Kens earn on these transactions? What is the FIFO cost of Kens endinginventory?