1. (10 points) Ecks Company records purchases of inventory at invoice cost at the time of purchase. When they take advantage of discount terms, they credit Inventory at the time of payment. Using the P 1" tab in the spreadsheet, create journal entries to record each of the following events: a. Purchased inventory with an invoice value of $5,200. Credit terms are 2/10, net/30. b. After consultation with the seller, they reduced the invoice amount by $325 for items that were damaged in shipment. c. On the last day of the discount period, they paid the remaining balance, taking advantage of the discount. 2. (30 points) Fawkes Trot Company maintains a large and varied inventory of merchandise for resale. The following information is for item 0-414: April 1 beginning inventory 400 units $15/unit April 5 purchase 800 units $16/unit April 20 purchase 550 units $19/unit April 30 purchase 900 units $22/unit The data above is entered in tab P 2" of the spreadsheet. Required: a. Calculate the cost of Goods Available for Sale for April. b. Calculate the cost of Goods Sold for April using FIFO. 2,000 units were sold. c. Calculate the cost of Goods Sold for April using LIFO. 2.000 units were sold. 3. (20 points) The June 30 bank statement shows a checking account balance of $15,211.00. Our book balance on June 30 was $13,415.52. Our employee who reconciles the bank statement noted the following items: a. After the bank closed on June 30, we deposited the day's cash sales, $1,588.14. b. The bank collected a Note Receivable on our behalf on June 30. We had not been notified of the collection before receiving the bank statement. The amount is $950. c. Check #5259 in the amount of $1,352.71 was properly prepared for the purchase of Merchandise Inventory. The bank processed it correctly. Unfortunately, we did not record the check in our Cash Disbursements Journal. d. Outstanding checks on March 31 totaled $3,811.33. e. The bank deducted a service charge of $25, which we have not yet recorded