Exam 2 Additional Problems JP Corporation uses a periodic inventory system. Details for the inventory account for the month of March 2020 are as follows: Units Per unit pics Total Begin Inventory 3/1/20 400 $4.50 $1,800.00 Purchase 3/14/20 4,35 652.50 Purchase 3/30/20 250 4.20 1.050.00 150 21) An end of the month (3/31/20) inventory showed that 185 units were on hand. How many units did the company sell during March 20202 22) An end of the month (3/31/20) inventory showed that 200 units were in ending inventory. If the company uses FIFO, what is the Cost of Goods Sold? 23) An end of the month (3/31/20) inventory showed that 200 units were in ending inventory. If the company uses LIFO, what is the Cost of Goods Sold? 24) An end of the month (3/31/20) inventory showed that 200 units in end inventory. If the company uses the weighted average, what is the Cost of Goods Sold? 25) Which costing method will result in the highest operating income? Explain. The accounts used for the problems 18, 19, 20 are: Casa, Merchandise Inventory, Account Payable 26) On January 2, 2021. Reynolds Warehouse purchases $850 of inventory on credit with the terms 2/10, 1/30. Joumalize the transaction for this purchase of inventory 27) Reynolds Warehouse returns $50 of merchandise on January 5, 2021. Journalize this transaction. 28) Reynolds Warehouse pays for the purchase on January 9, 2021. Journalize this transaction. 29) 2pts. Hanford Inc. sold $1,000 of merchandise on credit to Marsdon Company on August 11, 2020. The cost of the merchandise Hanford sold was $400. Record the journal entry for Hanford (seller) for this transaction There will be two journal entries for this transaction (The account titles are: Merchandise Inventory, Accounts Receivable, Sales Revenue, and cost of Goods Sold.)