and Fedders TV uses a perpetual inventory system. The following are three recent merchandising trans- actions: June 10 Purchased 10 televisions from Shogun Electronics on account. Invoice price. $250 per unit, for a total of $2,500. The terms of purchase were 2/10. n/30. chung 15 Sold one of these televisions for $400 cash. all the necount payable to Shogun within the discount period. Instructions 2. Prepare journal entries to record these transactions assuming that Fedders records purchases of merchandise at: 1. Net cost 2. Gross invoice price b. Assume that Fedders did not pay Shogun within the discount period but instead paid the full invoice price on July 10. Prepare journal entries to record this payment assuring that the orig- inal liability had been recorded at: 1. Net cost 2. Gross invoice price c. Assume that you are evaluating the efficiency of Fedder's bill-paying procedures. Which ac- counting methodnet cost or gross invoice price---provides you with the most useful ir-for- mation? Explain