202U. Diaz Inc, uses the gross method to record purchases. Its inventory balance on August 1, 2020, is $4,000. The fol lowing transactions occurred during the month of August 2020 for its major inventory item. n 9-72 and Perpetual -Recording s and d Year- atments: Gross Profit Systems Aug. 1 Aug. 2 Aug. 3 Aug. 8 Aug. 15 Aug. 20 Aug. 31 Purchase of merchandise inventory for $18,000 on account, terms 2/10, n/30. Shipping charges of $500 cash paid on delivery of merchandise (shipped t.o.b. shipping point). After inspection of the merchandise, $800 of inventory was returned to the vendor for account credit. Paid balance on account to vendor. Sold merchandise inventory on account for $10,000 with a cost of $6,000. Sold merchandise inventory on account for $8,000 with a cost of $4,800. Physical inventory count indicated that the ending inventory balance at cost was $9,500. hers Cambridge Business Publishers Chapter 9 Inventory: Measurement any Required a. Prepare journal entries for the August transactions assuming that the company uses the perpetual inventory system. b. Prepare journal entries for the August transactions assuming that the company uses the periodic inventory system. C. Compute the gross profit and gross profit as a percentage of sales under both the perpetual and the periodic inventory systems for August