1. Sparrow Corporation uses the perpetual inventory system: 7-1: Sparrow purchases a diamond bracelet from DeBeers on account for $50,000. The payment terms are 2/10N/30. The shipping terms are FOB shipping point. 7-2: Sparrow pays the delivery charges in cash, $500. 7-5: Sparrow pays the DeBeers bill in cash. 7-10: Bella Barnes buys the bracelet for $70,000, cash Required: Prepare the appropriate journal entries and post them to the ledger. 2. Starling Sweaters Company uses the periodic inventory system. Starling had the following inventory purchases during the year: Date 1-1 3-1 6-1 9-1 Total # of units 100,000 150,000 200,000 300,000 750,000 Cost per Unit $4 $5 $6 $7 Total Cost $400,000 $750,000 $1,200,000 $2,100,000 $4,450,000 During the year 600,000 units were sold. The ending inventory is 150,000 units. Required: Calculate cost of goods sold and ending inventory using first in first out, last in first out, and weighted average. 3. Gina's Gown's uses the perpetual inventory system. 8-1: purchased a gown from Prade for $70,000, cash. The shipping terms are FOB Destination. 8-15: Tara Taylor purchases the gown on account for $100,000. The payment terms are 2/10/N/30. 9-10: Tara Taylor pays the invoice