A company had the following purchases during its first year of operations: January : February: May: September: November: Purchases 11 units at $121 21 units at $131 16 units at $141 13 units at $151 11 units at $161 On December 31, there were 31 units remaining in ending inventory. These 31 units consisted of 3 from January, 5 from February, 7 from May, 5 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory? On February 3, Smart Company sold merchandise in the amount of $4,600 to Truman Company, with credit terms of 3/10, n/30. The cost of the items sold is $3,175. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount The journal entry that Smart makes on February 8 is: On February 3, Smart Company sold merchandise in the amount of $4,600 to Truman Company, with credit terms of 3/10,n/30. The cost of the items sold is $3,175. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is