Develop journal entries and find out the cost of goods sold, assuming that ABC had a beginning inventory of $21,000. Applying any one of the following methods:periodic with net assumption

#1 Purchased $55,000 of balls on account, terms 3/10, n/30.

#2 Paid the due amount.

#3 Sold golf balls for $80,000 on account, terms 2/10, n/30. The balls had a net cost of $39,300.

#4 Received the due amount.