2. Ceres Computer Sales uses the perpetual inventory system and F.I.FO cost flow assumption and had the following transactions during December. The beginning balance is 120 units, unit price $35. Dec 1 3 4 5 11 15 23 24 31 Sold 100 units merchandise on account for $5,000, terms 3/10, n/30. Purchased 20 units merchandise for cash, unit price $36. Purchased 100 units merchandise on credit, Invoice price $24 per unit, terms 1/20, n/30. In addition, Paid freight charges of $200 for merchandise ordered. (FOB shipping point) Issued a credit memorandum to a customer who returned 6 units merchandise sold Dec 1. Required: Received payment for merchandise sold December 1. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600. Paid for the merchandise purchased December 4 less the portion that was returned. Sold 150 units merchandise on credit, selling price$40, terms 2/10, n/30. Received payment for merchandise sold on December 24. (1) Prepare the general journal entries to record these transactions. (8 Points) (2) Calculate "Cost of Goods sold" and "Ending inventory cost".(2 Points)