2 Part A Ricky Company completed the following merchandising transactions using a perpetual inventory system. Jan 5 8 =+ Ricky company uses as a purchase invoice the sales invoice prepared by Macy Company of RM2,600 with credit teams 3/10, n/30, FOB Destination. The respective party paid the freight cost RM150 on the same date. Sold merchandise to Fix Company amounted RM2,500 at RM1,200 cost with credit term 2/15, n/30, FOB Shipping Point. The respective party paid the freight cost RM110 on the same date. 13 Pai Paid to Macy Company the balance due. Required: Prepare the journal entry to record Ricky Company transactions as above. Show necessary workings. (10 marks) Part B Najib Company prepared the following information for the month of January 2021. The company uses perpetual inventory system to manage inventory. Purchases Sales Units Unit Units Cost Unit Selling (RM Price Jan 1 Begin. inventory 500 20 8 Purchases 1,200 22 15 Sales 1,400 25 Purchases 3,000 20 20 31 Sales (RM) 65 55 2,400 60 60 Required: Prepare a schedule to show the value assign to cost of goods sold and ending inventory as at 31 January 2021 by using the FIFO method. (15 marks) [TOTAL 25 MARKS]