2. Give a detailed example of the recording of purchases under a perpetual inventory system including returns, allowances and discounts 3. Give a detailed example of the recording sales revenues under a perpetual inventory system includ returns, allowances and discounts. 4. Give a detailed example of the recording of purchases under a periodic inventory system including returns, allowances and discounts. 5. Give a detailed example of the recording sales revenues under a periodic inventory system including returns, allowances and discounts 6. What are the differences between a single-step and a multiple-step income statement? 7. Give an example of how to calculate cost of goods sold under a periodic inventory system. Show all relevant accounts. 8. Explain how the gross profit rate and the profit margin are computed