7. Twain & Co. uses the perpetual inventory system. Its transactions during August 2020 are as follows: August 8: Purchased $600 of merchandise on account from Mander Corporation for terms 1/10, net 30. August 11: Returned $200 of defective merchandise. August 17: Paid the amount owing to Mander. Instructions Prepare journal entries to record the above transactions for Twain & Co. 8. The following is known about NFC Co.'s inventory: April 1 Opening Balance April 5 Purchase April 9 Sale April 20 Purchase April 22 Purchase April 30 Sale # of units 35 26 54 46 42 76 Cost/Price $47 $56 $120 $64 $68 $120 The company uses the Weighted Average method of tracking inventory. Instructions Based on the information above: a) Compute the Sales, COGS and Gross Profit. b) Record the journal entry for the April 9 transaction. Note: The easiest way to go about solving this problem is to use the same format we used in class as an example