2. Memories Company uses a periodic inventory system and uses monthly accounting periods. During July, Memories Company was involved in the following transactions and Events: At the beginning of the month, Memories has $20,000 worth of inventory NOTE - you do NOT need to include Reference Numbers. July 2 Purchased $23,000 of merchandise from Suppliers Inc. on account, terms 3/10, n/30, FOB Shipping Point. July 4 The correct company paid $500 shipping. July 8 Returned $3,000 of merchandise because it was Pink. July 9 Paid Suppliers Inc. the full amount owing. July 13 Sold merchandise for $17,000 on account, 1/15, n/30, FOB Shipping Point. July 18 The customer return $2,000 of merchandise because it was pink. July 25 Received full Payment for the merchandise sold on July 13th. a) Journalize the above transactions for Memories Company's books. (16 marks) b) Calculate the Net Purchases for Memories Company. (2 marks) c) Calculate the cost of Goods Available for Sale. (2 marks) d) If an inventory count shows that there is $35,000 of merchandise in the store at the end of the month, calculate the COGS for Memories for July. (1 mark) e) Calculate Memories gross profit for July. (2 marks) f) If Memories had total operating expense of $5,000, what was their net profit for July. (1 marks)