2) A company had the following purchases and sales during its first year of operations urchases 0 units at S120 0 units at S125 15 units at $130 2 units at S135 an ebruary: 5 units units units 13 units May tember November 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the Periodic FIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.) A) $5,400. B)S3,540. C) S5,130. D) $3,270. E)$8,670. 3) Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is: A) Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.5o. B) Debit Cash $8,250; credit Accounts Payable $8,250 C) Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8, 167.50. D) Debit Merchandise Inventory $8,250; credit Cash $8,250. E) Debit Accounts Payable $8, 167.50; credit Cash $8,167.50