3 D F G 2) make any necessary journal entries needed by Able on December 31st due to its purchase commitment When Mugs R Us is sellig mugs for $3.75 2a) make the journal entry for Able in January 2021 when it buys the 1000 mugs paying cash Part 6 In its 2020 accounting records the Ole-Miss-Take Company shows the following: beginning inventory 1/1/2020 purchases purchase returns freight in ending inventory sales $40,000 $500,000 $20,000 $10,000 $50,000 $600,000 cogs 2020 $480,000 Income $120,000 $50,000 cogs $468,000 $510,000 Income $132,000 $25,000 cogs $510,000 $10,000 Income $65,000 In its 2021 accounting records the Ole-Miss-Take Company shows the following TRUE2020 beginning inventory 1/1/2021 purchases purchase returns H freight in ending inventory sales $35,000 TRUE2021 $575,000 cogs Income $522,000 $53,000 When counting inventory at the end of 2020, Ole-Miss-Take forgot to count the $12,000 inventory it had on consignment with Sloppy Joe's 2 Required 33 24 a) determine cost of goods sold and income as reported by Ole-Miss-Take for 2020 and 2021 b) determine the 'true' cost of goods sold and incomefor 2020 and 2021 37 c) if the mistake was discovered on July 1, 2021 what journal entry should Ole-Miss-Take make regarding the error with 2020 inventory? E A) 27. M COGS 99 INCOME Part 7 2020 480,000 120.000 2021 B) $10,000 COGS 65,000 INCOME 2020 468,000 132,000 2021 $22,000 53,000 100 Sheet Sheet1 (2)