1) On September 14, Bruce Lighting Co. purchases 30 units of inventory on account for $42 each on terms 2/15, N/30. On September 21, the company returns 5 units purchased on September 14. Assume the company uses a periodic inventory system and a net method for discounts. Record entries for both the September 14 inventory purchase and the September 21 inventory return.

2) Oscars Lumber Corp. has the following ending inventory information on December 31.

(total amount)	Oak	Pine	Cedar
Selling price	$45,800	$31,300	$48,300
Historical cost	$34,700	$26,900	$41,800
Selling & completion costs	$2,800	$2,100	$3,500
Replacement cost	$39,000	$29,600	$38,700

Assume that normal profit is 10% of the selling price. What is the total LCM inventory balance at the total-item level as of December 31?