Use the data in Exercise._x0001_RequirementsJournalize the following for the periodic system:1. Total December purchases in one summary entry. All purchases were on credit.2. Total December sales in a summary entry. Assume that the selling price was $315 per unit and that all sales were on credit.3. December 31 entries for inventory. Saxton uses LIFO. 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-soldmodel.