1. Compute the total cost of the sheet steel acquired. 2. Prepare the journal entries for the transaction assuming a periodic inventory system. Omit explanations. 37 Entries for Periodic and Perpetual Systems Rajiv, Co., had inventory and accounts payable of $110,000 on December 31, 20X7. Data for 20X8 follow: Gross purchases on account Cost of goods sold Inventory, December 31, 20x8 Purchase returns and allowances $980,000 920,000 100,000 70,000 By using the data, prepare comparative journal entries, including closing entries, for both a perpetual and a periodic inventory system. 38 Entries for Purchase Transactions Swahili noriodic inventor tom Prenare ournal entries for the following sum