During the month of July, Nerea Inc. purchased goods from two suppliers. The sequence of events was as follows: July 2: Purchased goods for $5,000 from Irina Inc. with terms 5/10, n30 July 5: Returned goods costing $2,000 from Irina Inc. for FULL credit July 6: Purchased goods from Sandeep Corp. for $1,000 with terms 2/10, n 30 July 11: Paid the balance owed to Irina Inc. July 22: Paid Sandeep Corp. In full Assume that Nerea uses a perpetual inventory system and that the company has NO INVENTORY on hand at the beginning of the month. Required: (PLEASE NOTE THERE ARE 2 PARTS-PART A AND PART B!) PART A: Please calculate the cost of inventory as of July 31st. PLEASE SHOW YOUR WORK. (5 marks) PART B: Prepare Journal Entries to record the transactions, assuming a perpetual inventory system. (10 marks) EXAMPLE: Date Accounts Payable. XX Cash.. Inventory.... Explanation: To record navment of accounts navable D Question 1 10 pts Sales Beginning Cost of Goods Cost of Cost of Gross Cases Purchases Goods Ending Revenue Inventory Available Profit Sold Inventory for Sale ABC $ 2,000 12,000 $ $ 5,000 ? ? $ 4,000 ? ? $ 600 $ 700 ? $ 500 $ 800 $ 4,500 C S 1,000 ? $ 900 ? $ 500 $ 450 ? D $ 23.000 $ 15,000 $ 15.000 ? $ 15,000 ? 8,000 $ 10,000 ? ? $ 15,000 $ 1.000 $ 35.000 E Required Please solve the missing dollar amounts above (those with "2" in the cells). PLEASE SHOW YOUR WORKI Hint Bl+P= COGAFS