20) On September 12, Ryan Company sold merchandise of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses theperpetual inventory system and thenet method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Johnson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Ryan makes on September 18 is: Account Title Debit Credit Cash 5,800 Accounts Receivable 5,800 Account Title Debit Credit Cash 5,194 Accounts Receivable 5,194 Account Title Debit Credit Cash 5,194 Sales Discounts 106 Accounts Receivable 5,300 Account Title Debit Credit Sales Returns and Allowances 5,684 Accounts Receivable 5,684 30) Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date May 1 Activities May 5 Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 162 units @ $10 = $ 1,620 232 units @ $12 = $2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $ 1,456 May 24 Sales 102 units @ $21 3160 2580 2710 3150 3280