1. Peter's Peanuts sells peanuts to a customer on credit for $130 on October 18, with a cost of sale to Peter's Peanuts of $50. What entry to recognize this sale is required if Peter's Peanuts uses a periodic inventory system? (1 pt). 2. Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system? (2 pts) 3. Record journal entries for the following purchase transactions of The Grape Company. (3 pts) Oct. 13 Oct. 20 Oct. 30 Purchased 85 bushels of grapes with cash for $1,300. Purchased 240 bushels of grapes for $20 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Paid account in full from the October 20 purchase. 4. Prepare journal entries to record the following transactions, assuming perpetual inventory updating, and last-in, first-out (LIFO) cost allocation. Assume no beginning inventory. (6 pts) Number of Units Unit Cost Sales Purchased Sold 165 $21 120 $36 Purchased 225 27 Sold 180 39 Purchased 210 33 5. Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for the Road Runner Company, considering the following transactions. (3 pts) Beginning inventory Purchased Sept. 18 Sold Sept. 28 for $100 per unit Number Unit of Units Cost 7.500 8,000 $60 55 500