80000 Required (a) Calculate the missing amounts. (b) Calculate the gross profit ratio, profit margin and expenses to sales ratio for each (e) Compare and comment on the two companies' ratios you calculated in requireme ROBLEMS SIC MODERATE | CHALLENGING GST QUESTIONS AVAILABLE II Journal entries perpetual inventory system * Schofield's Stores carried out the following transactions relating to a single product Oct. 5 11 13 19 26 Purchased 100 units for $60 each on credit. Returned 6 units which were unsuitable. Sold 112 units for $90 each on account. A customer returned 3 units sold on 13 October Sold 35 units for $90 each on account. Required (a) Prepare general journal entries to record the transactions, assuming that a per system is used. The beginning inventory on 30 September consisted of 80 u each. Ignore GST. (b) Assuming that the business closes its records at the end of the month, prepar the Profit or Loss Summary accounts based on the data in requirement ( expenses for October were $2900. Journal entries for both buyer and seller - periodic inventory system The following transactions relate to the businesses of L. Lakemba and F. Fairligh use a periodic inventory system. Lakemba sold goods to Fairlight for $3400. Terms were 2/10, n/3 Fairlight paid Lakemba the net amount due. June 7 14 15 26 Fairlight paid for the goods. Lakemba sold goods to Fairlight for $2470. Terms were 2/10, n CHAPTER 6 Account