1) Northern Company sold S4,000 of goods to Southern Company on credit on May 1. At the time of the sale, Northern recorded a debit to Trade Receivables and a credit to Sales Revenue for $4,000. Terms were 2/10, 1/30. Required: Present the entries Northern would record for each of the following independent situations: A. Southern paid the balance due, less the discount, on May 10. B. Souther returned half of the goods for credit on May 4. Paid the balance due, less the discount, on May 10. C. Southern paid their bill on May 30 (there were no returns). 2) Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3. Purchases Sales Price/Unit Units Unit Cost Units Selling April 1 Beginning inventory 45 S8 25 Purchase 150 9 May 4 Purchase 65 10 16 Sale 120 $16 June 4 Purchase 50 12 (a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for the quarter ended June 30. (Show calculations) (b) Using the average cost formula, calculate the amount of ending inventory at June 30. (Show calculations)