1. Record ABC Merchandising's transactions in its general journal. The beginning balance of the Merchandise Inventory Account is $40,000. The company uses a periodic inventory system. (50 points, cach journal entry is 5 points, calculation of the COGS is 5 points) August 1 Sold merchandise on credit for S45,000, terms 1/10. n/30, FOB destination Art August 2 August 1 Paid $900 for the shipment of the goods sold on Purchased 17,000 merchandise on credit, terms 3/10, 1/30, FOB shipping point. August 3 Acced August 4 Paid 500 for the shipment of the merchandise purchased on August 3. See August 4 Retum of merchandise sold on August 1 accepted from the customer for full credit and returned to merchandise inventory, S5,000. ed S. August 5 Paid S70 for the shipment of the goods returned by the customer on August 4 Il Call August 6 Returned merchandise purchased on August 3 for credit, $2,000 Accounts payable 2.000 Inventory 2.000 August 13 Made the payment in full for the purchase of merchandise on August 4, less the return on August 6 and the purchase discount. Account payable Cash Inventory 3.000 2.940 60 August 31 Received payment in full from the customer for the sale of merchandise on August 1, less the return on August 4. Cash. Sales discount 39.200 800 Accounts receivable 40.000 August 31 A physical count of the inventory reveals that the cost of the ending inventory is $25,000. Calculate net purchases, cost of the goods purchased, cost of the goods available for sale and the cost of the goods sold. Net purchases Cost of the goods purchased Cost of the goods available for sale Cost of the goods sold