Rons, Inc.’s inventory records for a particular development program show the following at May 31:_x0001_At May 31, 10 of these programs are on hand. Journalize for Ron’s:1. Total May purchases in one summary entry. All purchases were on credit.2. Total May sales and cost of goods sold in two summary entries. The selling price was $625 per unit and all sales were on credit. Assume that Ron’s uses the FIFO inventory method.3. Under FIFO, how much gross profit would Ron’s earn on these transactions? What is the FIFO cost of Ron’s, Inc.’s endinginventory?