Beginning inventory. Durchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 21 unit $11 S Sale 12 units 17 Purchase 22 units 512 30 Sale 23 onts Assuming a perpetual inventory system and the first in fiest-out method, determine (a) the cost of the meanine wild for the September and the wory September 30 a. Cost of merchandise sold b. Inventory, September 30 Journalize the following transactions among the perpetrystems The company uses the net method to records Dec. 27 Sold merchandise on account for $3,750, es w15. The cost of the merchandise 13,000 Jan Stud credit memo for $1.050 for merchandise returned from December 27. The cost of the merchandise returned 5610 Received check for the amount for sale on December 27 less return on January Sold merchandise for $7,000 plus osales tax to cash retail customers. The cost of the merchandise od 33,00 If an amount box does not require an entry, leave blank Dec. 27 Accounts Receivable 0 II II Kost of Merchandise Sold Merchandise Inventory Jan 5 istomer Rekinds Payable Sales 5 Accounts Receivable Estimated Returns Inventory Cash Sales If an amount box does not require an entry, leave it blank. Dec. 27 Accounts Receivable Cash 27 Cost of Merchandise Sold I II II Merchandise Inventory Jan. 5 Customer Refunds Payable Sales 5 Accounts Receivable Estimated Returns Inventory 6 Cash Sales 8 Accounts Receivable Sales Sales Discounts 8 Merchandise Inventory Cost of Merchandise Sold