5. The following are selected transactions of Midnight, Inc.: May 10 Sold and shipped on account to Sirius, Inc. merchandise for $3,000 ($1,800 cost), terms 2/10, n/30. Sirius, Inc. returned merchandise billed at $600 ($360 cost) on May 10. Received a check from Sirius, Inc. for full settlement of the May 10 transaction. 16 19 Record the above transactions in general journal form as they would appear on the books of (a) Midnight, Inc. and (b) Sirius, Inc. Both companies use the perpetual inventory system. Omit explanations for the journal entries. 6. Wards' inventories are determined using FIFO (periodic). Wards provided the following information for the first quarter of 2019: Beginning inventory, January 1, 2019 (1) Purchase (2) Purchase (3) Purchase Ending inventory, March 31, 2019 60 units @ $63.00 40 units @ $56.25 95 units @ $66.00 30 units @ $64.50 45 nits 1) Compute the company's cost of goods sold for the first quarter. 2) Compute the ending inventory to be reported on Wards' balance sheet at March 31, 2019. 7. Tablet Company, which uses a periodic inventory system, reports the following in its inventory records for June: Units Beginning Inventory Purchase #1 Purchase #2 Unit Cost $12.00 $10.00 $14.00 During June, Tablet Company sold 12 units. Using the weighted average cost method, compute the June 30 ending inventory balance for this product