Assignment 2 On April 1, Daman Farmacy Store had an inventory of 500 unit at a cost of $120 each. During the April, the following transactions occurred. April 7 Purchased 100 unit at a cost of $120 each from Life Company, terms 1/10, n/30. FOB Shipping point. 8 Paid $5,000 for the fright cost of goods shipped to Life Company. 9 Sold 200 unit to Thumbay for $150 each, terms 2/10, n/30. 10 15 Returned and received credit from Life Company for the return of 5 defective units. Issued a credit memo to Thumbay for the return of 10 defective units. 16 Paid Life Company in full, less discount. Instructions 1. Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. 2. Compute the gross profit for the month of April.