375 (5 marks) 1, Reese Supply had an inventory of is back packs at a cost of $25 cach. The company wel inventory system. During September, the following transactions and events occurred. riodic 4 Purchased 40 back packs at $25 each from Kiner Company, term 2/10, 1/30. 6 Received credit of $125 for the return of 5 back packs purchased on Sept. 4 that were defective. 9 Sold 20 back packs for $35 each to Knott Books, terms 2/10, 1/30. 14 Sept. Sept. o Paid Kiner in full, less discount Instructions: Prepare all necessary journal entries for purchases and sales including the end-of month closing entry, to record cost of goods sold. The ending inventory for September is 750$ (FIFO method). Show the Cost of goods sold account. (The company uses the periodic inventory system). All sales and purchase are on account. Date