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. Cash.. Inventory.... XX XX Explanation: To record navment of neenute naualla D Question 3 10 pts Parneet Inc. prides itself on being the world's best merchandiser of shoes. The following information was taken from its financial statements at fiscal January 31. Sales-$12000 Income Tax Expense - $300 Cash Dividends Paid - $5000 Selling and Administrative Expense - $3000 Cost of Products Sold - $5000 Interest Expense - $100 Other Revenues - $1000 Required: (NOTE THERE ARE 2 PARTS) PART 1-Based on the data above, prepare a multi-step income statement. (8 marks) PART 2 - What was the gross profit? What was the gross profit percentage? (2 marks)