1. Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost ofmerchandise sold for the month of November of Beamer Company using the data below. Nov.1 Purchase 600 units $80 each 4 Sale 200 units 11 Purchase 350 units $82 each 12 Sale 275 units 22 Purchase 175 units $84 each 23 Sale 155 units Calculate the following: (a)Inventory valuation at the end of November (b) Cost of merchandise soldfor November 2. Preston Office Furniture uses the perpetual inventory system and the gross method of accounting for sales. It had the following transactions during the month of May: May 3 Soldmerchandisetoacustomeroncreditfor$600,terms2/10,n/30.The costofthemerchandisesoldwas$350. May 4 Soldmerchandisetoacustomerforcashof$425.Thecostofthe merchandisewas$250. May 6 Soldmerchandisetoacustomeroncreditfor$1,300,terms2/10,n/30.Thecostofthemerchandisesoldwas$750. May 8 ThecustomerfromMay3returnedmerchandisewithasellingpriceof$100.Thecostofthemerchandisereturnedwas$55. May15 ThecustomerfromMay6paidthefullamountdue,lessanyappropriate discountsearned. May31 ThecustomerfromMay3paidthefullamountdue,lessanyappropriate discountsearned. Prepare the required journal entries that Preston Office Furniture must make to record these transactions. 3. Calculate the gross profit for Jonas Company based on the following data: Sales $764,000 Selling expenses 52,500 Cost of merchandise sold 538,000 4. Vincent Company purchased merchandise from Liu Company with an invoice price of $300,000 and credit terms of 2/10, n/30. Liu Company's cost for the merchandise was $200,000. Vincent Company paid within the discount period. Assume that both buyer and seller use a perpetual inventory system and the gross method of recording invoices. 1. Prepare entries that Vincent should record for (a) the purchase and (b) the cash payment. 2. Prepare entries that Liu should record for (a) the sale and (b) the cash collection. 3. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 9% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Assume a 365-day year and round dollar amounts to the nearest cent.)